Looking forward to sign contracts shortly on a ground floor flat in Okehampton. Conveyancing lawyers assured me 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 Okehampton should include some of the following:

• You should be sent a copy of the lease

The physical extent of the demise. This will be the flat itself but could also incorporate a roof space or cellar if applicable.

You need to be told what constitutes a Nuisance in the lease

Changes to the flat (alterations and additions)

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

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Okehampton please enquire of your solicitor in advance of your conveyancing in Okehampton

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Okehampton. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Okehampton ?

The majority of houses in Okehampton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Okehampton in which case you should be looking for a Okehampton conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.

I work for a busy estate agency in Okehampton where we see a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Okehampton conveyancing firms. Could you confirm whether the seller of a flat can commence the lease extension process for the buyer?

As long as 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. The benefit of this is that the proposed purchaser need not have to wait 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Okehampton with the intention of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Okehampton can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
• The majority landlords or Management Companies in Okehampton charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Okehampton.

Some Okehampton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 purchasers or their solicitors.

If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge 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 purchasers, but it is better to reveal the dispute as historic rather than unresolved.

You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

We expect to complete the sale of our £450000 apartment in Okehampton on Thursday in a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Okehampton?

Okehampton conveyancing on leasehold maisonettes normally results in administration charges raised by management companies :

• Answering pre-exchange questions
• Where consent is required before sale in Okehampton
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Okehampton leasehold premises is £350. For Okehampton 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 the information.

Leasehold Conveyancing in Okehampton - A selection of Questions you should consider before Purchasing

Be sure to investigate if there is anything that is prohibited in the lease. For instance some leases prohibit pets being permitted in certain buildings in Okehampton. If you like the propertyin Okehampton yet your cat is not allowed to move with you then you will be faced hard choice. How much is the yearly maintenance fee and ground rent? Plenty Okehampton leasehold flats will be liable to pay a service charge for maintenance of the building levied on behalf of the landlord. Where you acquire the apartment you will have to pay this amount, usually in instalments throughout the year. This may be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a ground rent to be met yearly, this is usually not a large amount, say about £50-£100 but you should to check it because occasionally it can be many hundreds of pounds.

Other Topics

Lease Extensions in Okehampton