Fixed-fee leasehold conveyancing in Plympton:

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Top Five Questions relating to Plympton leasehold conveyancing

I am on look out for some leasehold conveyancing in Plympton. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Plympton - 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 am hoping to sign contracts shortly on a leasehold property in Plympton. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?

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

  • Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease provide for a right of way over an accessway or staircase?
  • You should be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • Responsibility for repairing the window frames
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Plympton please ask your conveyancer in ahead of your conveyancing in Plympton

    • I am tempted by the attractive purchase price for a two maisonettes in Plympton which have approximately forty five years left on the lease term. Do I need to be concerned?

    There are plenty of short leases in Plympton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

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

    When appointing a property lawyer for your lease extension (regardless if they are a Plympton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Plympton 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 useful:

    • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm conducted in Plympton in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in Plympton with the purpose of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Plympton can be reduced if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • Some Plympton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Arranging a replacement share certificate can be a time consuming process and delays many a Plympton home move. If a reissued share is needed, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I inherited a 1 bedroom flat in Plympton, conveyancing was carried out 8 years ago. How much will my lease extension cost? Equivalent flats in Plympton with an extended lease are worth £219,000. The average or mid-range amount of ground rent is £65 levied per year. The lease expires on 21st October 2097

    With just 74 years left to run the likely cost is going to range between £10,500 and £12,000 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Plympton