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Recently asked questions relating to Exeter leasehold conveyancing

Expecting to complete next month on a basement flat in Exeter. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • The physical extent of the property. This will be the apartment itself but might incorporate a loft or basement if appropriate.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are pets allowed in the flat?
  • You should be told what counts as a Nuisance in the lease
  • 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
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Exeter please enquire of your conveyancer in advance of your conveyancing in Exeter

    • Estate agents have just been given the go-ahead to market my ground floor flat in Exeter.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    Last month I purchased a leasehold flat in Exeter. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any top tips for leasehold conveyancing in Exeter with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Exeter can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
    • Many freeholders or managing agents in Exeter charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Exeter.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Exeter state that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such alterations. Where you fail to have the approvals in place do not communicate with the landlord without contacting your solicitor before hand.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle 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 will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Organising a new share certificate is often a lengthy formality and slows down many a Exeter conveyancing deal. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • What makes a Exeter lease defective?

    There is nothing unique about leasehold conveyancing in Exeter. All leases are individual and drafting errors can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    I bought a split level flat in Exeter, conveyancing was carried out 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Exeter with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2105

    With 80 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Exeter