Leasehold Conveyancing in Okehampton - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Okehampton leasehold conveyancing

I am intending to sublet my leasehold flat in Okehampton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease dictates relations between the landlord and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Okehampton do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

Due to exchange soon on a leasehold property in Okehampton. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

  • The physical extent of the premises. This will be the apartment itself but might incorporate a loft or basement if appropriate.
  • Will you be prohibited or prevented from having pets in the property?
  • Whether the lease restricts you from subletting the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • 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
  • Responsibility for repairing the window frames
  • What you can do if a neighbour breach a clause of their lease? For details of the 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've recently bought a leasehold flat in Okehampton. Do I have any liability for service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you offer any advice when it comes to finding a Okehampton conveyancing practice to carry out our lease extension conveyancing?

    When appointing a solicitor for your lease extension (regardless if they are a Okehampton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Okehampton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • How familiar is the firm with lease extension legislation?
  • What volume of lease extensions have they conducted in Okehampton in the last 12 months?

    • Are there common deficiencies that you come across in leases for Okehampton properties?

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

    • A provision to repair to or maintain parts of the property
    • 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

    You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Royal Bank of Scotland, and Barclays Direct all have very detailed requirements 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, forcing the buyer to pull out.

    Okehampton Leasehold Conveyancing - Sample of Queries Prior to Purchasing

      The majority of Okehampton leasehold flats will have a service bill for maintenance of the building levied by the freeholder. Should you purchase the property you will have to meet this charge, usually quarterly during the year. This can differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge for you to pay annual, ordinarily this is not a large sum, say around £25-£75 but you need to enquire it because sometimes it can be prohibitively expensive. How many of the leaseholders are in arrears for their maintenance charge payments? Does the lease contain onerous restrictions?

    Other Topics

    Lease Extensions in Okehampton