Expecting to exchange soon on a studio apartment in Okehampton. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Okehampton should include some of the following:

• Does the lease require carpeting throughout thus preventing wood flooring?
• Whether your lease has a provision for a sinking fund?
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• 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

I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Okehampton. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Okehampton ?

Most houses in Okehampton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Okehampton in which case you should be looking for a Okehampton 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 number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

I am attracted to a two maisonettes in Okehampton which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Okehampton. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a busy estate agency in Okehampton where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Okehampton conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

In relation to leasehold conveyancing in Okehampton what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Okehampton. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• 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

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, 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 defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

Okehampton Leasehold Conveyancing - Examples of Questions you should ask Prior to buying

Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Okehampton obliged leasehold owners to pay into a reserve fund and this is used to offset against major repairs or maintenance. If a Okehampton lease has less than eighty years it will impact the salability of the apartment. Check with your mortgage company that they are content with residual term of the lease. A short lease means that you will most likely need a lease extension at some point and you need to have some idea of how much this will be. For most Okehamptonlease extensions you would need to own the residence for a couple of years before you are eligible to exercise a lease extension.