Fixed-fee leasehold conveyancing in Salcombe:

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Frequently asked questions relating to Salcombe leasehold conveyancing

I am in need of some leasehold conveyancing in Salcombe. Before I get started I would like to find out the remaining lease term.

Assuming the lease is registered - 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.

Planning to complete next month on a studio apartment in Salcombe. Conveyancing solicitors assured me that they report fully next week. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Whether the lease restricts you from renting out the flat, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • 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 you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Salcombe please enquire of your lawyer in advance of your conveyancing in Salcombe

    • What advice can you give us when it comes to finding a Salcombe conveyancing practice to carry out our lease extension conveyancing?

    When appointing a conveyancer for lease extension works (regardless if they are a Salcombe conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Salcombe 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 of use:

    • How familiar is the firm with lease extension legislation?
  • What are the legal fees for lease extension work?

    • Do you have any top tips for leasehold conveyancing in Salcombe from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Salcombe can be reduced where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
    • The majority landlords or Management Companies in Salcombe levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Salcombe.
  • A minority of Salcombe leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (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 buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you hold a share in a the freehold, you should ensure that you hold the original share certificate. Organising a re-issued share certificate is often a lengthy process and delays many a Salcombe home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • If all goes to plan we aim to complete the disposal of our £475000 flat in Salcombe next week. The management company has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Salcombe?

    Salcombe conveyancing on leasehold flats often requires the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to assist. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I acquired a studio flat in Salcombe, conveyancing formalities finalised 9 years ago. How much will my lease extension cost? Comparable properties in Salcombe with an extended lease are worth £229,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2092

    With only 67 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Salcombe