Guaranteed fixed fees for Leasehold Conveyancing in Salcombe

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Examples of recent questions relating to leasehold conveyancing in Salcombe

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Salcombe. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Salcombe ?

Most houses in Salcombe are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Salcombe so you should seriously consider looking for a Salcombe conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am looking at a couple of apartments in Salcombe both have about 50 years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Salcombe is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Last month I purchased a leasehold house in Salcombe. Am I liable to pay 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 ensure 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 offer any advice when it comes to choosing a Salcombe conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Salcombe conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three 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 helpful:

  • How experienced is the practice with lease extension legislation?
  • What are the charges for lease extension conveyancing?

  • Do you have any advice for leasehold conveyancing in Salcombe with the intention of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Salcombe can be avoided 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 documentation needed by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Salcombe leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such alterations. Should you dont have the paperwork in place do not contact the landlord without contacting your conveyancer in the first instance.
  • 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 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Arranging a replacement share certificate can be a lengthy formality and slows down many a Salcombe home move. If a reissued share is required, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • I invested in buying a basement flat in Salcombe, conveyancing was carried out 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Salcombe with an extended lease are worth £246,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2095

    With only 71 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

    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. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

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    Lease Extensions in Salcombe