Fixed-fee leasehold conveyancing in Plymstock:

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Questions and Answers: Plymstock leasehold conveyancing

I have recently realised that I have Seventy years unexpired on my lease in Plymstock. I now wish to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. For most situations an enquiry agent should be useful to try and locate and prepare an expert document which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Plymstock.

Expecting to complete next month on a garden flat in Plymstock. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Defining your legal entitlements in respect of the communal areas in the building.By way of example, does the lease contain a right of way over an accessway or staircase?
  • You must be told what constitutes a Nuisance in the lease
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Plymstock please ask your lawyer in ahead of your conveyancing in Plymstock

    • I am attracted to a two apartments in Plymstock which have about forty five years left on the leases. Will this present a problem?

    There are plenty of short leases in Plymstock. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

    I've recently bought a leasehold flat in Plymstock. Do I have any liability for service charges relating to a period prior to my ownership?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any advice for leasehold conveyancing in Plymstock with the purpose of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Plymstock can be reduced if you instruct 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 buyers representatives.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Plymstock state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. If you fail to have the approvals to hand you should not contact the landlord without checking with your lawyer before hand.
  • Some Plymstock leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any 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 purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 better to reveal the dispute as historic rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Obtaining a replacement share certificate is often a time consuming process and delays many a Plymstock home move. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this as soon as possible.

    • I invested in buying a 1 bedroom flat in Plymstock, conveyancing having been completed 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Plymstock with a long lease are worth £251,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2096

    You have 71 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Plymstock