I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Tavistock. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Tavistock ?

Most houses in Tavistock are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Tavistock in which case you should be shopping around for a Tavistock conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

I own a leasehold house in Tavistock. Conveyancing and Aldermore mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing practitioner in Tavistock who previously acted has long since retired.Do I pay?

First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Tavistock conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am employed by a reputable estate agency in Tavistock where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Tavistock conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has been the owner 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. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

Completion in due on the sale of our £425000 maisonette in Tavistock in 10 days. The management company has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Tavistock?

Tavistock conveyancing on leasehold maisonettes more often than not involves the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They may levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has no option but to pay whatever is requested of you if you want to complete the sale of your home.

In relation to leasehold conveyancing in Tavistock what are the most frequent lease defects?

Leasehold conveyancing in Tavistock is not unique. Most leases is drafted differently 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:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

Leasehold Conveyancing in Tavistock - Examples of Questions you should consider before Purchasing

This question is useful as a) areas may cause problems for the building as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the managing agents you will want to have all the details Plenty Tavistock leasehold properties will incur a service charge for the upkeep of the building set by the management company. If you purchase the flat you will have to pay this charge, usually periodically during the year. This may be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge for you to pay annual, normally this is not a exorbitant figure, say about £50-£100 but you need to enquire it because occasionally it could be many hundreds of pounds. What is the name of the managing agents?

Other Topics

Lease Extensions in Tavistock