Guaranteed fixed fees for Leasehold Conveyancing in Lynton

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Sample questions relating to Lynton leasehold conveyancing

Expecting to complete next month on a garden flat in Lynton. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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
  • The total extent of the property. This will be the property itself but could also incorporate a roof space or cellar if applicable.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Lynton please enquire of your conveyancer in ahead of your conveyancing in Lynton

  • I have just started marketing my 2 bed flat in Lynton.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – what should I do?

    The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    Can you provide any top tips for leasehold conveyancing in Lynton with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Lynton can be avoided if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Some Lynton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as historic as opposed to unresolved.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and slows down many a Lynton conveyancing deal. If a reissued share is needed, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • If all goes to plan we aim to complete our sale of a £175000 garden flat in Lynton next week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Lynton?

    For most leasehold sales in Lynton conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Completing pre-exchange enquiries
    • Where consent is required before sale in Lynton
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Lynton leasehold premises is £350. For Lynton conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

    What makes a Lynton lease problematic?

    Leasehold conveyancing in Lynton is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • 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

    You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Barclays Direct 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 grant the mortgage, obliging the buyer to pull out.

    I invested in buying a studio flat in Lynton, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Lynton with a long lease are worth £257,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ends on 21st October 2075

    With only 52 years unexpired the likely cost is going to range between £34,200 and £39,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Lynton