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Examples of recent questions relating to leasehold conveyancing in Exeter

I own a leasehold house in Exeter. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Exeter who previously acted has now retired.Any advice?

The first thing you should do is contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Exeter conveyancing lawyer 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 rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Exeter both have about 50 years unexpired on the leases. should I be concerned?

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 its expiry date, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with under eighty 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 premises 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 premises 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.

Can you offer any advice when it comes to choosing a Exeter conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Exeter conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Exeter conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions have they carried out in Exeter in the last twenty four months?

    • Can you provide any advice for leasehold conveyancing in Exeter from the perspective of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Exeter can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Exeter leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the approvals in place do not communicate with the landlord without contacting your lawyer first.
  • A minority of Exeter leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate can be a time consuming process and slows down many a Exeter home move. Where a duplicate share is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • All being well we will complete our sale of a £375000 flat in Exeter next Tuesday . The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Exeter?

    Exeter conveyancing on leasehold maisonettes more often than not necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    I am the registered owner of a basement flat in Exeter, conveyancing was carried out 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Exeter with a long lease are worth £195,000. The ground rent is £50 per annum. The lease ends on 21st October 2105

    With just 80 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Exeter