Fixed-fee leasehold conveyancing in Lynmouth:

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Lynmouth leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Lynmouth. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Lynmouth - 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 am hoping to exchange soon on a studio apartment in Lynmouth. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the premises. This will be the property itself but might include a roof space or basement if appropriate.
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Lynmouth please enquire of your solicitor in advance of your conveyancing in Lynmouth

    • My wife and I purchased a leasehold house in Lynmouth. Conveyancing and Aldermore mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Lynmouth who previously acted has now retired.What should I do?

    The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Lynmouth conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    Do you have any top tips for leasehold conveyancing in Lynmouth from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Lynmouth can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers representatives.
    • The majority landlords or Management Companies in Lynmouth charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Lynmouth.
  • 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 Lynmouth state that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer before hand.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle 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 will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the common defects that you see in leases for Lynmouth properties?

    There is nothing unique about leasehold conveyancing in Lynmouth. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    I acquired a 1 bedroom flat in Lynmouth, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Lynmouth with over 90 years remaining are worth £200,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2087

    With 64 years remaining on your lease the likely cost is going to span between £18,100 and £20,800 plus costs.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Lynmouth