Experts for Leasehold Conveyancing in Ivybridge

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Questions and Answers: Ivybridge leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Ivybridge. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and 99.9% 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.

Jane (my partner) and I may need to sub-let our Ivybridge basement flat for a while due to a career opportunity. We used a Ivybridge conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your last Ivybridge conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party before subletting. The net result is that you cannot sublet without first obtaining consent. Such consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.

There are only 62 years unexpired on my lease in Ivybridge. I need to extend my lease but my freeholder is can not be found. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the lessor. On the whole an enquiry agent may be useful to try and locate and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Ivybridge.

I have just appointed agents to market my garden flat in Ivybridge.Conveyancing has not commenced but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 until 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. This will smooth the conveyancing process.

Can you provide any advice for leasehold conveyancing in Ivybridge from the perspective of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Ivybridge can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • Many freeholders or Management Companies in Ivybridge levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought 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 frequent cause of frustration in leasehold conveyancing in Ivybridge.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Ivybridge state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you dont have the paperwork in place do not contact the landlord without contacting your conveyancer before hand.
  • A minority of Ivybridge leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet 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 particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unresolved.

    • I acquired a 2 bed flat in Ivybridge, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Ivybridge with an extended lease are worth £253,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2099

    You have 74 years left to run the likely cost is going to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Ivybridge