Fixed-fee leasehold conveyancing in Exmouth:

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Common questions relating to Exmouth leasehold conveyancing

I am on look out for some leasehold conveyancing in Exmouth. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Exmouth - 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.

Looking forward to complete next month on a basement flat in Exmouth. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Exmouth should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Exmouth please enquire of your lawyer in ahead of your conveyancing in Exmouth

    • I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Exmouth. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

    Most houses in Exmouth are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Exmouth in which case you should be looking for a Exmouth conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

    I am looking at a couple of maisonettes in Exmouth both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Exmouth is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with under eighty years become less and less attractive. On a more upbeat 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 Exmouth 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 provide any advice for leasehold conveyancing in Exmouth from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Exmouth can be bypassed where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • Many landlords or Management Companies in Exmouth levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Exmouth.
  • Some Exmouth leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a duplicate share certificate is often a time consuming formality and slows down many a Exmouth conveyancing transaction. Where a duplicate share certificate is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 80 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I invested in buying a garden flat in Exmouth, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Exmouth with an extended lease are worth £250,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease terminates on 21st October 2095

    You have 70 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus costs.

    The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Exmouth