Exminster leasehold conveyancing Example Support Desk Enquiries
Looking forward to sign contracts shortly on a studio apartment in Exminster. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Exminster should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I’m about to sell my 2 bed apartment in Exminster.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – Do I pay up?
It best that you clear 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.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Exminster. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Exminster are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Exminster so you should seriously consider looking for a Exminster conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.
I am a negotiator for a long established estate agent office in Exminster where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Exminster conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
What advice can you give us when it comes to appointing a Exminster conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Exminster conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Exminster conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the firm with lease extension legislation?
I purchased a 1 bedroom flat in Exminster, conveyancing formalities finalised 2003. How much will my lease extension cost? Comparable flats in Exminster with an extended lease are worth £259,000. The ground rent is £55 yearly. The lease expires on 21st October 2089
With just 67 years left to run we estimate the price of your lease extension to be between £12,400 and £14,200 plus legals.
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 without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.