I am on look out for some leasehold conveyancing in Paignton. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Paignton - then the leasehold title will always include the short particulars 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.

There are only Seventy years unexpired on my flat in Paignton. I am keen to get lease extension but my landlord is can not be found. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you have done all that could be expected to find the landlord. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Paignton.

Looking forward to exchange soon on a ground floor flat in Paignton. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

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

• The total extent of the premises. This will be the flat itself but might include a roof space or basement if applicable.

I am attracted to a couple of maisonettes in Paignton which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

I am employed by a reputable estate agency in Paignton where we see a few flat sales derailed due to short leases. I have received contradictory information from local Paignton conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?

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. 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 needs to be completed 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 buyer.

I am the registered owner of a studio flat in Paignton, conveyancing formalities finalised in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Paignton with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2078

With just 54 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as costs.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Paignton