Lynton leasehold conveyancing: Q and A’s
Planning to exchange soon on a studio apartment in Lynton. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Lynton should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Lynton. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Lynton are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Lynton so you should seriously consider looking for a Lynton conveyancing practitioner and check that they have experience in dealing with 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 will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
I own a leasehold house in Lynton. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Lynton who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Lynton conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What advice can you give us when it comes to appointing a Lynton conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Lynton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Lynton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
Do you have any top tips for leasehold conveyancing in Lynton from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lynton can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Lynton state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the approvals to hand do not contact the landlord without checking with your solicitor before hand.
Leasehold Conveyancing in Lynton - Examples of Questions you should ask Prior to Purchasing
Are there any major works in the near future that will likely add a premium to the service charges?
Are any of leasehold owners in dispute over their service charge liability?
You should be aware that where the lease has less than eighty years it will affect the marketability of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you would need to own the residence for two years before you are legally able to extend the lease.