I am in need of some leasehold conveyancing in Saltash. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Saltash - 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.

Jane (my partner) and I may need to let out our Saltash ground floor flat for a while due to a career opportunity. We instructed a Saltash conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

Your lease dictates relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Saltash do not contain subletting altogether – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Saltash. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Saltash are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Saltash in which case you should be shopping around for a Saltash conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am looking at a couple of apartments in Saltash which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

Are there common problems that you see in leases for Saltash properties?

Leasehold conveyancing in Saltash is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

I invested in buying a 2 bed flat in Saltash, conveyancing formalities finalised in 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Saltash with an extended lease are worth £194,000. The average or mid-range amount of ground rent is £60 yearly. The lease expires on 21st October 2089

With just 67 years unexpired the likely cost is going to span between £11,400 and £13,200 plus 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 are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Saltash