Having had my offer accepted I require leasehold conveyancing in Silverton. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and most are in Silverton - 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.

I have just appointed agents to market my garden apartment in Silverton.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Silverton. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in Silverton are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Silverton so you should seriously consider looking for a Silverton conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Silverton which have approximately fifty years remaining on the leases. should I be concerned?

There are plenty of short leases in Silverton. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

In relation to leasehold conveyancing in Silverton what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Silverton. Most leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Platform Home Loans Ltd all have express 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 grant the mortgage, forcing the buyer to withdraw.

Silverton Leasehold Conveyancing - A selection of Queries before buying

Its a good idea to discover as much as you can about the company managing the building as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to day to day issues such as the upkeep of the communal areas. Ask prospective neighbours whether they are happy with them. On a final note, investigate as to the dates that the service charges are due to the managing agents and precisely how they are spending the funds.