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

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Top Five Questions relating to Paignton leasehold conveyancing

I only have 68 years unexpired on my flat in Paignton. I need to get lease extension but my landlord is missing. What should I do?

On the basis that 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the landlord. On the whole a specialist may be useful to carry out a search and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Paignton.

I have just appointed agents to market my ground floor apartment in Paignton.Conveyancing solicitors are to be appointed soon but I have just received a yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

Can you offer any advice when it comes to finding a Paignton conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Paignton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Paignton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • How familiar is the practice with lease extension legislation?
  • What are the charges for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Paignton with the aim of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Paignton can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Paignton leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you fail to have the approvals to hand you should not contact the landlord without checking with your conveyancer in advance.
  • A minority of Paignton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual 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 solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Organising a replacement share certificate can be a lengthy formality and frustrates many a Paignton home move. Where a new share is required, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • In relation to leasehold conveyancing in Paignton what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Paignton. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair 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

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    Paignton Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

      Be sure to investigate if there is anything that is prohibited in the lease. By way of example it is fairly common in Paignton leases that pets are not permitted in certain buildings in Paignton. If you love the apartmentin Paignton however your cat can’t move with you then you will be faced hard decision. Where a Paignton lease has fewer than 80 years it will affect the marketability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. For most Paigntonlease extensions you will be be obliged to have been the owner of the property for 24 months before you are entitled to extend the lease. For many Paignton leaseholds the outlay for major works tend not to be built into the maintenance charges, albeit that there some managing agents in Paignton require leaseholders to pay into a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.

    Other Topics

    Lease Extensions in Paignton