Looking forward to sign contracts shortly on a garden flat in Newton Abbot. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Newton Abbot should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Newton Abbot. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most houses in Newton Abbot are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Newton Abbot so you should seriously consider shopping around for a Newton Abbot 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 with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Newton Abbot which have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why 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 may be reluctant to lend money 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

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £150000 garden flat in Newton Abbot next week. The management company has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Newton Abbot?

Newton Abbot conveyancing on leasehold flats normally requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to assist. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. In reality you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

What are the frequently found problems that you encounter in leases for Newton Abbot properties?

There is nothing unique about leasehold conveyancing in Newton Abbot. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Leeds Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

Leasehold Conveyancing in Newton Abbot - Examples of Queries before buying

Does this lease have more than 85 years left? The answer will be important as a) areas can result in problems for the block as the communal areas may start to deteriorate if services remain unpaid b) if the leaseholders have a dispute with the managing agents you will want to have all the details How much is the annual maintenance fee and ground rent?

Other Topics

Lease Extensions in Newton Abbot