I am in need of some leasehold conveyancing in Salcombe. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Salcombe - 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.

Expecting to sign contracts shortly on a ground floor flat in Salcombe. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?

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

• Does the lease require carpeting throughout thus preventing wood flooring?
• You must be told what counts as a Nuisance in the lease
• Repair and maintenance of the flat
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• 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.
• What options are open to you if a neighbour breach a clause of their lease?

I am attracted to a couple of apartments in Salcombe which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Salcombe is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. 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 Salcombe 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 the agreed 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.

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

• Much of the frustration in leasehold conveyancing in Salcombe can be bypassed where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Salcombe state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such alterations. Should you dont have the approvals in place you should not communicate with the landlord without contacting your solicitor before hand.
• A minority of Salcombe leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is 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 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 buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
• You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

What are the frequently found deficiencies that you witness in leases for Salcombe properties?

There is nothing unique about leasehold conveyancing in Salcombe. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• 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

You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I own a leasehold flat in Salcombe, conveyancing was carried out 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Salcombe with over 90 years remaining are worth £204,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2097

With just 71 years unexpired the likely cost is going to span between £10,500 and £12,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.