I am on look out for some leasehold conveyancing in Exmoor. Before diving in I would like to find out the remaining lease term.

If the lease is registered - and most are in Exmoor - 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Exmoor. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Exmoor are freehold and not 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 buying in Exmoor in which case you should be looking for a Exmoor conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.

I am looking at a two apartments in Exmoor both have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Exmoor is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Exmoor conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you offer any advice when it comes to appointing a Exmoor conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Exmoor conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Exmoor conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• What volume of lease extensions have they carried out in Exmoor in the last year?

Can they put you in touch with client in Exmoor who can give a testimonial?

All being well we will complete our sale of a £175000 garden flat in Exmoor next Wednesday . The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Exmoor?

For the majority of leasehold sales in Exmoor conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Exmoor
• Copies of the building insurance and schedule
• 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 Exmoor leasehold property is £350. For Exmoor 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 required to provide answers.

Leasehold Conveyancing in Exmoor - Sample of Questions you should consider before Purchasing

It would be prudent to enquire if there is anything that is prohibited in the lease. For example it is reasonably common in Exmoor leases that pets are not allowed in certain buildings in Exmoor. If you love the apartmentin Exmoor yet your dog can’t live with you then you will be faced hard determination. The majority of Exmoor leasehold properties will incur a service charge for the upkeep of the building set on behalf of the management company. Where you acquire the flat you will have to pay this liability, usually quarterly throughout the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a significant figure, say about £50-£100 but you need to check as occasionally it can be many hundreds of pounds. Please note that where the lease has fewer than eighty years it will impact the marketability of the apartment. Check with your mortgage company that they are content with remaining years on the lease. A short lease means that you will probably require a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will be be obliged to have owned the premises for two years in order to be entitled to extend the lease.

Other Topics

Lease Extensions in Exmoor