I am in need of some leasehold conveyancing in Teignmouth. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in Teignmouth - then the leasehold title will always include the basic details 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 today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Teignmouth. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Teignmouth ?

The majority of 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 purchasing in Teignmouth in which case you should be shopping around for a Teignmouth conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I am attracted to a two maisonettes in Teignmouth both have approximately fifty years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Teignmouth is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with under 75 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 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. 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.

What are your top tips when it comes to choosing a Teignmouth conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Teignmouth conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Teignmouth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• If the firm is not ALEP accredited then what is the reason?

What volume of lease extensions have they completed in Teignmouth in the last year?

All being well we will complete our sale of a £425000 maisonette in Teignmouth in nine days. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Teignmouth?

Teignmouth conveyancing on leasehold apartments usually necessitates administration charges raised by freeholders :

• Answering pre-contract 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 property 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 answers.

Leasehold Conveyancing in Teignmouth - Sample of Queries Prior to buying

On the whole the outlay for major works are not incorporated into the service charges, although there some managing agents in Teignmouth ask leasehold owners to contribute towards a sinking fund created for the specific purpose of establishing a fund for major works. Who manages the block? How long is the Lease?

Other Topics

Lease Extensions in Teignmouth