Sample questions relating to Newton Abbot leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Newton Abbot. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and most are in Newton Abbot - 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 am intending to let out my leasehold apartment in Newton Abbot. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
The lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Newton Abbot do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
Planning to complete next month on a garden flat in Newton Abbot. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Newton Abbot should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I am a negotiator for a busy estate agent office in Newton Abbot where we have witnessed a few leasehold sales derailed due to short leases. I have been given inconsistent advice from local Newton Abbot conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Are there common problems that you come across in leases for Newton Abbot properties?
Leasehold conveyancing in Newton Abbot is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- 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. Birmingham Midshires, Bank of Scotland, and TSB 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, forcing the purchaser to withdraw.
I invested in buying a 1 bedroom flat in Newton Abbot, conveyancing was carried out in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Newton Abbot with an extended lease are worth £198,000. The average or mid-range amount of ground rent is £65 per annum. The lease ends on 21st October 2095
With just 74 years unexpired the likely cost is going to span between £11,400 and £13,200 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.