I wish to let out my leasehold flat in Ivybridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Notwithstanding that your last Ivybridge conveyancing lawyer is not available you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain consent from your landlord or other appropriate person before subletting. This means you not allowed to sublet without prior consent. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I have just appointed agents to market my ground floor apartment in Ivybridge.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2004, I bought a leasehold house in Ivybridge. Conveyancing and Santander mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Ivybridge who previously acted has now retired.Do I pay?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Ivybridge conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of flats in Ivybridge both have about 50 years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Ivybridge is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with under 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 Ivybridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 Ivybridge from the point of view of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Ivybridge can be avoided where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
• Many landlords or Management Companies in Ivybridge levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Ivybridge.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Ivybridge state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. If you dont have the approvals to hand do not contact the landlord without contacting your solicitor in advance.
• If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate can be a time consuming process and slows down many a Ivybridge conveyancing transaction. Where a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
• You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

Ivybridge Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

What is the the remaining lease term?