I am in need of some leasehold conveyancing in Lynmouth. Before I get started I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% 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 put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Lynmouth. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Lynmouth ?

Most houses in Lynmouth are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Lynmouth so you should seriously consider shopping around for a Lynmouth conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Lynmouth both have in the region of fifty years left on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

I work for a reputable estate agency in Lynmouth where we have experienced a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Lynmouth conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease 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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 buyer.

What are your top tips when it comes to appointing a Lynmouth conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Lynmouth conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Lynmouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Lynmouth who can give a testimonial?

Lynmouth Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

It is important to be aware if redecorating or some other significant cost is anticipated that will be shared between the leasehold owners and could well materially impact the level of the service fees or result in a one off payment. Are any of leasehold owners in arrears of their service charge payments?