Sample questions relating to Teignmouth leasehold conveyancing
I am on look out for some leasehold conveyancing in Teignmouth. Before I set the wheels in motion I want to be sure as to the unexpired term of 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.
There are only Seventy years left on my flat in Teignmouth. I now wish to extend my lease but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the freeholder. For most situations an enquiry agent would be helpful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Teignmouth.
Estate agents have just been given the go-ahead to market my basement flat in Teignmouth.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – Do I pay up?
It best that you clear 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 unless 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 work for a long established estate agency in Teignmouth where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Teignmouth conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 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 disposal of the property.
An alternative approach is 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.
What are your top tips when it comes to appointing a Teignmouth conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor 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 work. We recommend that you speak with two or three firms including non Teignmouth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Teignmouth Leasehold Conveyancing - Examples of Queries Prior to buying
Best to be warned whether window replacement or some other major work is pending to be shared amongst the leaseholders and could well dramatically increase the the service costs or necessitate a specific payment.
Is there a share of the freehold?
For many Teignmouth leaseholds the outlay for major works tend not to be incorporated into the service charges, albeit that some managing agents in Teignmouth ask leaseholders to contribute towards a reserve fund created for the specific purpose of building a fund for larger works.