I am on look out for some leasehold conveyancing in Exeter. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Exeter - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am attracted to a couple of flats in Exeter both have approximately 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Exeter. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

What advice can you give us when it comes to finding a Exeter conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Exeter conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Exeter conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?

What volume of lease extensions have they conducted in Exeter in the last twenty four months?

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £475000 apartment in Exeter next week. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Exeter?

For the majority of leasehold sales in Exeter conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Exeter
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Exeter leasehold property is £350. For Exeter conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

When it comes to leasehold conveyancing in Exeter what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Exeter. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

Exeter Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to buying

Best to be warned whether a new roof is being put on or some other significant cost is coming up that will be shared by the leaseholders and will materially impact the level of the maintenance charges or require a specific invoice. What is the name of the managing agents? Are there any major works anticipated that will likely increase the maintenance costs?

Other Topics

Lease Extensions in Exeter