Fixed-fee leasehold conveyancing in Okehampton:

While any conveyancing practice can theoretically deal with your leasehold conveyancing in Okehampton, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Okehampton

I am on look out for some leasehold conveyancing in Okehampton. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Okehampton - then the leasehold title will always include the basic details 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 would like to sublet my leasehold flat in Okehampton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

A lease governs relations between the freeholder and you the flat owner; specifically, 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 expres ban or restriction, subletting is allowed. The majority of leases in Okehampton do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

What are your top tips when it comes to finding a Okehampton conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Okehampton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Okehampton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • Can they put you in touch with client in Okehampton who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

  • Do you have any top tips for leasehold conveyancing in Okehampton with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Okehampton can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • Many landlords or Management Companies in Okehampton levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Okehampton.
  • A minority of Okehampton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, 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 should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Organising a new share certificate can be a time consuming formality and slows down many a Okehampton conveyancing transaction. If a new share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an early stage 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.

  • What makes a Okehampton lease problematic?

    Leasehold conveyancing in Okehampton is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements 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 will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    I purchased a garden flat in Okehampton, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Okehampton with a long lease are worth £192,000. The average or mid-range amount of ground rent is £60 per annum. The lease runs out on 21st October 2080

    You have 58 years unexpired we estimate the premium for your lease extension to range between £22,800 and £26,400 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Okehampton