Guaranteed fixed fees for Leasehold Conveyancing in Exeter

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Frequently asked questions relating to Exeter leasehold conveyancing

Having checked my lease I have discovered that there are only 72 years left on my flat in Exeter. I now wish to extend my lease but my freeholder is absent. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. On the whole a specialist would be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Exeter.

I am hoping to sign contracts shortly on a basement flat in Exeter. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Exeter should include some of the following:

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • The total extent of the property. This will be the flat itself but might include a loft or basement if appropriate.
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Exeter please ask your conveyancer in ahead of your conveyancing in Exeter

    • I am tempted by the attractive purchase price for a couple of apartments in Exeter both have in the region of 50 years unexpired on the leases. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Exeter is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more positive 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 Exeter 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    Do you have any advice for leasehold conveyancing in Exeter with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Exeter can be reduced if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
    • Many freeholders or Management Companies in Exeter levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Exeter.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a lengthy process and delays many a Exeter home move. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • We expect to complete the sale of our £375000 maisonette in Exeter in just under a week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Exeter?

    Exeter conveyancing on leasehold flats often necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are at liberty charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little option but to pay whatever is demanded if you want to sell the property.

    Leasehold Conveyancing in Exeter - A selection of Queries before buying

      Be sure to discover if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in certain buildings in Exeter. If you love the apartmentin Exeter however your cat is not allowed to make the move with you then you will be faced difficult decision. What restrictions exist in the Exeter Lease? What is the length of the lease?

    Other Topics

    Lease Extensions in Exeter