Leasehold Conveyancing in Exmouth - Get a Quote from the leasehold experts approved by your lender

Get a Quote

While any conveyancing practice can theoretically handle your leasehold conveyancing in Exmouth, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Exmouth

My wife and I may need to let out our Exmouth 1st floor flat temporarily due to a career opportunity. We instructed a Exmouth conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

Your lease governs the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Exmouth do not prevent 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 supplying a copy of the sublease.

Looking forward to sign contracts shortly on a garden flat in Exmouth. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The 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, freeholder
  • Will you be prohibited or prevented from having pets in the property?
  • Does the lease prevent you from renting out the flat, or working from home
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Exmouth please enquire of your conveyancer in advance of your conveyancing in Exmouth

    • I am attracted to a couple of flats in Exmouth which have approximately 50 years left on the lease term. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in Exmouth is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. 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 premises 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 property 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 with the purpose of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Exmouth can be avoided if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers representatives.
    • The majority freeholders or Management Companies in Exmouth levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Exmouth.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Exmouth state that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such alterations. Where you fail to have the paperwork in place you should not communicate with the landlord without contacting your lawyer in the first instance.
  • Some Exmouth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 hold a share in a the freehold, you should ensure that you are holding the original share document. Obtaining a new share certificate is often a time consuming process and frustrates many a Exmouth home move. Where a duplicate share is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

    • Are there common deficiencies that you witness in leases for Exmouth properties?

    There is nothing unique about leasehold conveyancing in Exmouth. Most leases are unique and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Virgin Money, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

    Leasehold Conveyancing in Exmouth - A selection of Queries before Purchasing

      Is anyone aware of any major works anticipated that could increase the maintenance fees? Be sure to enquire if the the lease contains any adverse restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Exmouth. If you love the propertyin Exmouth yet your dog is not allowed to make the move with you then you will be presented with a difficult choice. Best to be warned whether redecorating or some other major work is due shortly that will be shared by the tenants and will materially impact the level of the maintenance fees or result in a one off payment.

    Other Topics

    Lease Extensions in Exmouth