Questions and Answers: Exmouth leasehold conveyancing
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Exmouth. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Exmouth ?
The majority of houses in Exmouth are freehold rather than leasehold. In this scenario it’s worth 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 solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
My wife and I purchased a leasehold house in Exmouth. Conveyancing and Alliance & Leicester mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Exmouth who previously acted has now retired.Any advice?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to instruct a Exmouth conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of apartments in Exmouth both have about forty five years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I am employed by a reputable estate agent office in Exmouth where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Exmouth conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
All being well we will complete the disposal of our £275000 garden flat in Exmouth next week. The landlords agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Exmouth?
Exmouth conveyancing on leasehold maisonettes often involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I bought a 1 bedroom flat in Exmouth, conveyancing having been completed 4 years ago. How much will my lease extension cost? Corresponding flats in Exmouth with an extended lease are worth £228,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2099
With just 78 years remaining on your lease the likely cost is going to span between £12,400 and £14,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.