Examples of recent questions relating to leasehold conveyancing in Lynmouth
I am on look out for some leasehold conveyancing in Lynmouth. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Lynmouth - then the leasehold title will always include the short particulars 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 would like to sublet my leasehold apartment in Lynmouth. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease governs the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Lynmouth do not contain subletting altogether – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am looking at a two flats in Lynmouth both have approximately forty five years left on the leases. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
Can you offer any advice when it comes to appointing a Lynmouth conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Lynmouth conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Lynmouth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
What makes a Lynmouth lease defective?
There is nothing unique about leasehold conveyancing in Lynmouth. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I am the registered owner of a leasehold flat in Lynmouth, conveyancing was carried out 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Lynmouth with an extended lease are worth £212,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2072
With only 52 years remaining on your lease we estimate the premium for your lease extension to be between £30,400 and £35,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.