I am in need of some leasehold conveyancing in Ilminster. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Ilminster - 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 exchange soon on a basement flat in Ilminster. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Ilminster should include some of the following:

• The total extent of the demise. This will be the apartment itself but may include a roof space or cellar if applicable.

I am employed by a reputable estate agent office in Ilminster where we see a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Ilminster conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 buyer.

What advice can you give us when it comes to choosing a Ilminster conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Ilminster conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Ilminster conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How many lease extensions has the firm carried out in Ilminster in the last twenty four months?

Are there frequently found deficiencies that you encounter in leases for Ilminster properties?

There is nothing unique about leasehold conveyancing in Ilminster. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

Ilminster Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing

It would be prudent to find out as much as you can about the managing agents as they will either make life much simpler or problematic. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to day to day issues like the upkeep of the communal areas. Enquire of other tenants if they are happy with their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. Are any of leasehold owners in arrears of their service charge payments? Is there a share of the freehold?

Other Topics

Lease Extensions in Ilminster