Having had my offer accepted I require leasehold conveyancing in Seaton. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Seaton - then the leasehold title will always include the basic details 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.

I want to let out my leasehold flat in Seaton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

The lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Seaton do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I am tempted by the attractive purchase price for a couple of flats in Seaton which have about fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Seaton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and lenders, leases with less than 75 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 Seaton 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 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 any new 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.

I work for a busy estate agent office in Seaton where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Seaton conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

We expect to complete our sale of a £300000 garden flat in Seaton next Monday . The freeholder has quoted £360 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Seaton?

Seaton conveyancing on leasehold apartments normally requires the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.

Leasehold Conveyancing in Seaton - Sample of Questions you should ask before Purchasing

The best form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this arrangement the lessees have being in charge if their destiny and even though a managing agent is usually retained where it is bigger than a house conversion, the managing agent is directed by the tenants. What prohibitions are contained in the Seaton Lease? Can you tell me if there are any major works on the horizon that will increase the service fees?

Other Topics

Lease Extensions in Seaton