I am in need of some leasehold conveyancing in Newton Abbot. Before I get started I want to be sure as to the unexpired term of the lease.

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.

Due to sign contracts shortly on a studio apartment in Newton Abbot. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

Your 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 aware of the importance of not letting the lease term falling below eighty years

Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

Are pets allowed in the flat?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be contained in your report on your leasehold property in Newton Abbot please ask your lawyer in advance of your conveyancing in Newton Abbot

I am looking at a two apartments in Newton Abbot which have in the region of fifty years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Newton Abbot is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Newton Abbot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any advice for leasehold conveyancing in Newton Abbot from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Newton Abbot can be avoided where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Newton Abbot leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you fail to have the approvals in place do not contact the landlord without checking with your lawyer first.

A minority of Newton Abbot leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the buyers or their solicitors.

If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 ongoing.

If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Obtaining a re-issued share certificate can be a time consuming formality and frustrates many a Newton Abbot conveyancing transaction. If a duplicate share certificate is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 garden flat in Newton Abbot in just under a week. The freeholder has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Newton Abbot?

Newton Abbot conveyancing on leasehold maisonettes typically results in fees being invoiced by freeholders :

• Completing pre-contract questions
• Where consent is required before sale in Newton Abbot
• Copies of the building insurance and schedule
• 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 Newton Abbot leasehold property is £350. For Newton Abbot 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 required to provide answers.

Newton Abbot Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying

Are there any major works on the horizon that will increase the service charges? The best form of lease structure is a share of the freehold. In this arrangement the lessees benefit from control and even though a managing agent is often employed if the building is larger than a house conversion, the managing agent employed by the leaseholders. Best to be warned if window replacement or some other major work is due shortly to be shared amongst the leasehold owners and will dramatically increase the the maintenance fees or necessitate a one time payment.

Other Topics

Lease Extensions in Newton Abbot