Jane (my partner) and I may need to let out our Lynmouth garden flat temporarily due to taking a sabbatical. We used a Lynmouth conveyancing practice in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Some leases for properties in Lynmouth do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Looking forward to exchange soon on a leasehold property in Lynmouth. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Lynmouth should include some of the following:

• Defining your legal entitlements in respect of common areas in the block.For example, does the lease permit a right of way over an accessway or staircase?

I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Lynmouth. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Lynmouth ?

The majority of houses in Lynmouth are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Lynmouth so you should seriously consider shopping around for a Lynmouth conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.

I am looking at a two flats in Lynmouth both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Lynmouth is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. 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 a residence 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 Lynmouth 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.

I've recently bought a leasehold property in Lynmouth. Am I liable to pay 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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

Lynmouth Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

It is important to be aware whether changing the roof or some other significant cost is due in the foreseeable future that will be shared by the leaseholders and will dramatically impact the level of the maintenance costs or necessitate a one time payment. You should be aware that where the lease has fewer than eighty years it will have adverse implications on the marketability of the property. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this would cost. For most Lynmouthlease extensions you would need to own the premises for a couple of years before you are entitled to extend the lease. The prefered form of lease arrangement is a share of the freehold. In this situation the lessees have being in charge if their destiny and although a managing agent is often retained if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Lynmouth