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Recently asked questions relating to Teignmouth leasehold conveyancing

Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Teignmouth. I now wish to get lease extension but my landlord is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. For most situations a specialist may be useful to carry out a search and prepare an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Teignmouth.

Expecting to exchange soon on a garden flat in Teignmouth. Conveyancing lawyers inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • Will you be prohibited or prevented from having pets in the property?
  • 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
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What the implications are if you breach a clause of your 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 have just started marketing my basement apartment in Teignmouth.Conveyancing has not commenced but I have just received a quarterly service charge demand – Do I pay up?

    It best that you pay 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 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 work for a reputable estate agency in Teignmouth where we see a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Teignmouth conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible 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 purchaser.

    Can you provide any advice for leasehold conveyancing in Teignmouth with the purpose of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Teignmouth can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • Many freeholders or managing agents in Teignmouth levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Teignmouth.
  • A minority of Teignmouth leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Teignmouth Leasehold Conveyancing - A selection of Queries Prior to Purchasing

      Please note if it is no more than 80 years it will impact the value of the apartment. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Teignmouthlease extensions you will be required to have owned the residence for a couple of years before you are entitled to extend the lease. What is the name of the managing agents? Many Teignmouth leasehold flats will be liable to pay a service bill for maintenance of the block levied on behalf of the freeholder. Where you buy the property you will have to pay this charge, normally quarterly during the year. This can be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent to be met yearly, normally this is not a exorbitant sum, say about £50-£100 but you need to check it because sometimes it can be prohibitively expensive.

    Other Topics

    Lease Extensions in Teignmouth