I have just appointed agents to market my 2 bed apartment in Tiverton.Conveyancing has not commenced but I have just received a quarterly service charge invoice – what should I do?

It best that you clear 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 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. This will smooth the conveyancing process.

I am attracted to a two maisonettes in Tiverton both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Tiverton. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

I am a negotiator for a long established estate agency in Tiverton where we see a number of flat sales derailed as a result of short leases. I have received contradictory information from local Tiverton conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 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 purchaser.

What are your top tips when it comes to finding a Tiverton conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Tiverton conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Tiverton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• Can they put you in touch with client in Tiverton who can give a testimonial?
• What are the legal fees for lease extension work?

In relation to leasehold conveyancing in Tiverton what are the most frequent lease problems?

Leasehold conveyancing in Tiverton is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

Leasehold Conveyancing in Tiverton - Examples of Questions you should ask Prior to buying

How much is the ground rent and service charge?