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Frequently asked questions relating to Ilfracombe leasehold conveyancing

I am hoping to complete next month on a ground floor flat in Ilfracombe. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • The physical extent of the demise. This will be the apartment itself but could also include a roof space or cellar if applicable.
  • Does the lease prevent you from subletting the flat, or working from home
  • You should be told what constitutes a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Ilfracombe please enquire of your lawyer in ahead of your conveyancing in Ilfracombe

    • I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Ilfracombe. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Ilfracombe ?

    Most houses in Ilfracombe are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Ilfracombe so you should seriously consider looking for a Ilfracombe conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

    I work for a busy estate agency in Ilfracombe where we have witnessed a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Ilfracombe conveyancing solicitors. Can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder 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 purchaser.

    What are your top tips when it comes to appointing a Ilfracombe conveyancing firm to deal with our lease extension?

    When appointing a property lawyer for lease extension works (regardless if they are a Ilfracombe conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Ilfracombe conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

    • How many lease extensions have they completed in Ilfracombe in the last 12 months?
  • Can they put you in touch with client in Ilfracombe who can give a testimonial?

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

    • A significant proportion of the frustration in leasehold conveyancing in Ilfracombe can be avoided if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
    • The majority landlords or managing agents in Ilfracombe levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Ilfracombe.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Ilfracombe state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer first.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend 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 requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a 2 bed flat in Ilfracombe, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Ilfracombe with over 90 years remaining are worth £180,000. The ground rent is £60 charged once a year. The lease terminates on 21st October 2104

    With only 79 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 as well as costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Ilfracombe