Looking forward to exchange soon on a leasehold property in Teignmouth. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

Setting out your rights in relation to the communal areas in the block.By way of example, does the lease provide for a right of way over an accessway or staircase?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Changes to the flat (alterations and additions)

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

What options are open to you if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Teignmouth please enquire of your solicitor in ahead of your conveyancing in Teignmouth

I am tempted by the attractive purchase price for a couple of apartments in Teignmouth which have about 50 years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Teignmouth is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Teignmouth 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 the agreed 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.

What advice can you give us when it comes to finding a Teignmouth conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Teignmouth conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Teignmouth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• What volume of lease extensions have they conducted in Teignmouth in the last 12 months?

What are the costs for lease extension work?

Can you provide any advice for leasehold conveyancing in Teignmouth from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Teignmouth can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Teignmouth state that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such changes. Where you fail to have the consents in place do not communicate with the landlord without checking with your conveyancer in advance.

If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You may need to swallow your pride and 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.

If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Arranging a new share certificate is often a time consuming formality and frustrates many a Teignmouth home move. If a reissued share is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete the disposal of our £450000 apartment in Teignmouth next week. The managing agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Teignmouth?

For most leasehold sales in Teignmouth conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Teignmouth
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Teignmouth leasehold premises is £350. For Teignmouth conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

I invested in buying a 1st floor flat in Teignmouth, conveyancing was carried out 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Teignmouth with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2083

You have 59 years remaining on your lease the likely cost is going to range between £20,000 and £23,000 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Teignmouth