Fixed-fee leasehold conveyancing in Topsham:

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When it comes to leasehold conveyancing in Topsham, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, Yorkshire Building Society or Bradford & Bingley make sure you choose a lawyer on their panel. Find a Topsham conveyancing lawyer with our search tool

Topsham leasehold conveyancing: Q and A’s

Frank (my husband) and I may need to rent out our Topsham basement flat temporarily due to taking a sabbatical. We used a Topsham conveyancing practice in 2002 but they have since shut and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

The lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Topsham do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

I have just started marketing my ground floor flat in Topsham.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?

It best that you pay 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 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 looking at a two apartments in Topsham both have approximately 50 years unexpired on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I work for a long established estate agency in Topsham where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Topsham conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has been the owner 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. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

Do you have any top tips for leasehold conveyancing in Topsham from the point of view of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Topsham can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
  • The majority landlords or managing agents in Topsham levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Topsham.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Topsham leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Should you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer before hand.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 purchasers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I inherited a 1 bedroom flat in Topsham, conveyancing was carried out 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Topsham with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2089

    With just 64 years unexpired the likely cost is going to be between £18,100 and £20,800 plus legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Topsham