Fixed-fee leasehold conveyancing in Ottery St Mary:

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Frequently asked questions relating to Ottery St Mary leasehold conveyancing

Due to sign contracts shortly on a basement flat in Ottery St Mary. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

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

  • The total extent of the demise. This will be the property itself but might incorporate a roof space or basement if applicable.
  • Defining your legal entitlements in relation to the communal areas in the building.By way of example, does the lease include a right of way over a path or staircase?
  • Does the lease prohibit wood flooring?
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Ottery St Mary please enquire of your lawyer in advance of your conveyancing in Ottery St Mary

  • I am looking at a two apartments in Ottery St Mary which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Ottery St Mary is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Ottery St Mary 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.

    What are your top tips when it comes to appointing a Ottery St Mary conveyancing firm to deal with our lease extension?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Ottery St Mary conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Ottery St Mary conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

    • If they are not ALEP accredited then why not?
  • Can they put you in touch with client in Ottery St Mary who can give a testimonial?

  • All being well we will complete the disposal of our £275000 flat in Ottery St Mary on Wednesday in a week. The management company has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Ottery St Mary?

    Ottery St Mary conveyancing on leasehold flats usually involves the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to assist. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded should you wish to complete the sale of your home.

    Are there frequently found problems that you see in leases for Ottery St Mary properties?

    Leasehold conveyancing in Ottery St Mary is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. National Westminster Bank, Leeds Building Society, and Britannia all have express conveyancing instructions 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, obliging the purchaser to withdraw.

    I bought a leasehold flat in Ottery St Mary, conveyancing was carried out in 2010. Can you work out an approximate cost of a lease extension? Comparable properties in Ottery St Mary with an extended lease are worth £220,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease finishes on 21st October 2104

    You have 79 years left to run the likely cost is going to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Ottery St Mary