I am on look out for some leasehold conveyancing in Ivybridge. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Ivybridge - 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.

I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Ivybridge. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in Ivybridge are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Ivybridge so you should seriously consider shopping around for a Ivybridge conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should advise you fully on all the issues.

Last month I purchased a leasehold property in Ivybridge. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What advice can you give us when it comes to finding a Ivybridge conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Ivybridge conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Ivybridge conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• Can they put you in touch with client in Ivybridge who can give a testimonial?
• What are the legal fees for lease extension conveyancing?

In relation to leasehold conveyancing in Ivybridge what are the most frequent lease defects?

Leasehold conveyancing in Ivybridge is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

Ivybridge Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing