Leasehold Conveyancing in Taunton - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Taunton, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Taunton leasehold conveyancing

Expecting to exchange soon on a basement flat in Taunton. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Taunton should include some of the following:

  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are pets allowed in the flat?
  • Does the lease prevent you from subletting the flat, or having a home office for business
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Taunton please ask your lawyer in ahead of your conveyancing in Taunton

    • I have just appointed agents to market my 2 bed apartment in Taunton.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – Do I pay up?

    The sensible thing to do is pay the invoice 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 am employed by a reputable estate agency in Taunton where we have witnessed a few leasehold sales jeopardised due to short leases. I have been given contradictory information from local Taunton conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

    Alternatively, it may be possible 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 buyer.

    Do you have any advice for leasehold conveyancing in Taunton with the intention of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Taunton can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers lawyers.
    • Many freeholders or Management Companies in Taunton charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Taunton.
  • Some Taunton leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice 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 yearly 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 have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a new share certificate is often a lengthy process and delays many a Taunton home move. If a duplicate share is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • What makes a Taunton lease defective?

    Leasehold conveyancing in Taunton is not unique. Most leases are unique 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
    • 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

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Bank of Scotland, and Aldermore 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 does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

    I purchased a 2 bed flat in Taunton, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Taunton with over 90 years remaining are worth £245,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2082

    You have 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Taunton