I am in need of some leasehold conveyancing in Exminster. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is registered - and most are in Exminster - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I have recently realised that I have Seventy years remaining on my flat in Exminster. I now wish to extend my lease but my freeholder is missing. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. On the whole an enquiry agent would be useful to try and locate and to produce a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court covering Exminster.

I am looking at a couple of apartments in Exminster both have in the region of 50 years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Exminster. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in Exminster from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Exminster can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Exminster state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you fail to have the approvals to hand you should not communicate with the landlord without contacting your solicitor first.

If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet 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 are still duty bound to disclose particulars 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 freehold, you should ensure that you are holding the original share document. Arranging a new share certificate is often a time consuming process and slows down many a Exminster conveyancing transaction. If a duplicate share is required, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

We expect to complete the sale of our £300000 garden flat in Exminster in just under a week. The management company has quoted £300 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Exminster?

Exminster conveyancing on leasehold apartments nine out of ten times results in fees being invoiced by managing agents :

• Addressing conveyancing due diligence enquiries
• Where consent is required before sale in Exminster
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Exminster leasehold premises is £350. For Exminster conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

Leasehold Conveyancing in Exminster - A selection of Queries Prior to Purchasing

Please note if it is fewer than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably need a lease extension at some point and you need to have some idea of how much this would cost. For most Exminsterlease extensions you will be be obliged to have owned the premises for a couple of years in order to be legally able to extend the lease. Is there a share of the freehold? For most Exminster leaseholds the outlay for major works tend not to be included within maintenance charges, although some managing agents in Exminster ask leasehold owners to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.

Other Topics

Lease Extensions in Exminster