I am on look out for some leasehold conveyancing in Lyme Regis. Before I get started I would like to find out the remaining lease term.

Assuming the lease is registered - and most are in Lyme Regis - 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.

Having checked my lease I have discovered that there are only 72 years left on my flat in Lyme Regis. I am keen to get lease extension but my landlord is can not be found. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. For most situations an enquiry agent may be useful to try and locate and to produce a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Lyme Regis.

I own a leasehold flat in Lyme Regis. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Lyme Regis who acted for me is not around.Any advice?

First contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Lyme Regis conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of maisonettes in Lyme Regis which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Lyme Regis. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I am employed by a reputable estate agency in Lyme Regis where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Lyme Regis conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

As long as the seller has been the owner 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

Leasehold Conveyancing in Lyme Regis - A selection of Questions you should consider Prior to Purchasing

Best to be warned if fixing the lift or some other major work is coming up that will be shared by the tenants and will materially increase the the service fees or necessitate a specific payment. You will want to find out as much as you can regarding the company managing the block as they can either make life much easier or problematic. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the communal areas. Enquire of prospective neighbours what they think of their management. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely what it includes. Is the freehold owned collectively by the tenants?

Other Topics

Lease Extensions in Lyme Regis