Expecting to sign contracts shortly on a leasehold property in Teignmouth. Conveyancing lawyers assured me that they will have a report out to me 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:

• The physical extent of the demise. This will be the flat itself but may include a roof space or cellar if appropriate.

I’m about to sell my ground floor apartment in Teignmouth.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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 managing agents 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 today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Teignmouth. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Teignmouth are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Teignmouth in which case you should be shopping around for a Teignmouth conveyancing solicitor and check that they have experience in dealing with 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 to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.

Back In 2003, I bought a leasehold flat in Teignmouth. Conveyancing and Chelsea Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Teignmouth who acted for me is not around.Any advice?

First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Teignmouth conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Teignmouth both have approximately 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Teignmouth is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less marketable. 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 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 a residence 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. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Leasehold Conveyancing in Teignmouth - A selection of Queries before Purchasing

What is the the remaining lease term? You should want to find out as much as you can regarding the managing agents as they will either make living at the property much easier or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day issues like the cleanliness of the communal areas. Ask other people if they are happy with their management. Finally, investigate as to the dates that the service fees are due to the managing agents and specifically how they are spending the funds. It would be prudent to enquire if there is anything that is prohibited in the lease. For example it is reasonably common in Teignmouth leases that pets are not permitted in in a block in Teignmouth. If you like the propertyin Teignmouth but your dog is not allowed to live with you then you have a very difficult decision.

Other Topics

Lease Extensions in Teignmouth