Sample questions relating to Dawlish leasehold conveyancing
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Dawlish. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Dawlish are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Dawlish in which case you should be shopping around for a Dawlish conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
My wife and I purchased a leasehold flat in Dawlish. Conveyancing and Santander mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Dawlish who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Dawlish conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a couple of flats in Dawlish which have approximately fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Dawlish is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Dawlish conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am a negotiator for a busy estate agency in Dawlish where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Dawlish conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you provide any advice for leasehold conveyancing in Dawlish with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Dawlish can be bypassed where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
- If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Dawlish leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord approving such changes. If you fail to have the consents in place do not contact the landlord without checking with your lawyer in advance.
Dawlish Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
This question is helpful as a) areas could result in problems for the block as the communal areas may start to deteriorate if maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will want to have all the details
What restrictions are contained in the Dawlish Lease?
It would be wise to discover as much as possible regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to day to day matters such as the upkeep of the communal areas. You should not be afraid to ask prospective neighbours what they think of their management. On a final note, be sure you understand the dates that the service fees are due to the appropriate party and precisely what you get for your money.