Having had my offer accepted I require leasehold conveyancing in Lynton. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is registered - and most are in Lynton - 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 appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Lynton. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Lynton ?

Most houses in Lynton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Lynton in which case you should be shopping around for a Lynton conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in Lynton both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

If all goes to plan we aim to complete the disposal of our £275000 maisonette in Lynton in just under a week. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Lynton?

Lynton conveyancing on leasehold flats normally requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be willing to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality you have no option but to pay whatever is demanded should you wish to sell the property.

What are the frequently found problems that you come across in leases for Lynton properties?

There is nothing unique about leasehold conveyancing in Lynton. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

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, The Royal Bank of Scotland, 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 is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

I purchased a 1 bedroom flat in Lynton, conveyancing formalities finalised 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Lynton with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2091

With 67 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

Other Topics

Lease Extensions in Lynton