My wife and I may need to sub-let our Exminster ground floor flat temporarily due to taking a sabbatical. We used a Exminster conveyancing firm in 2002 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?

A lease dictates relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Exminster do not contain subletting altogether – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Due to complete next month on a ground floor flat in Exminster. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?

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

I am tempted by the attractive purchase price for a two flats in Exminster both have approximately forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

I work for a busy estate agent office in Exminster where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Exminster conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?

As long as 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. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

An alternative approach is 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.

Completion in due on the sale of our £200000 flat in Exminster on Thursday in a week. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Exminster?

Exminster conveyancing on leasehold flats usually involves the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.

Leasehold Conveyancing in Exminster - Examples of Queries Prior to Purchasing

What is the yearly service fee and ground rent? Its a good idea to discover as much as you can concerning the managing agents as they can either make your life much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the communal areas. Enquire of other tenants whether they are happy with their service. In conclusion, be sure you discover the dates that the maintenance fees are due to the managing agents and specifically what you get for your money. Does this lease have more than 90 years unexpired?

Other Topics

Lease Extensions in Exminster