Leasehold Conveyancing in Exminster - Get a Quote from the leasehold experts approved by your lender

While any conveyancing practice can theoretically handle your leasehold conveyancing in Exminster, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Exminster leasehold conveyancing Example Support Desk Enquiries

My partner and I may need to rent out our Exminster 1st floor flat for a while due to a new job. We instructed a Exminster conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?

Your lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Exminster do not contain strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I am hoping to exchange soon on a ground floor flat in Exminster. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

  • You should be sent 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 physical extent of the property. This will be the flat itself but might incorporate a loft or cellar if applicable.
  • Setting out your legal entitlements in relation to common areas in the building.For example, does the lease include a right of way over an accessway or staircase?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Whether your lease has a provision for a sinking fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Exminster please ask your conveyancer in ahead of your conveyancing in Exminster

  • I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Exminster. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

    The majority of houses in Exminster are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Exminster in which case you should be shopping around for a Exminster conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

    I am employed by a reputable estate agency in Exminster where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Exminster conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

    An alternative approach is to extend the lease informally by agreement with the landlord 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.

    Are there common problems that you come across in leases for Exminster properties?

    There is nothing unique about leasehold conveyancing in Exminster. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Nottingham Building Society all have express conveyancing instructions 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, obliging the purchaser to withdraw.

    Exminster Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

      How much is the ground rent and service charge? How many of the leaseholders are in arrears for their service charge payments? Where a Exminster lease has no more than 80 years it will affect the marketability of the apartment. Check with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you will need to own the property for 24 months before you are eligible to extend the lease.

    Other Topics

    Lease Extensions in Exminster