I am on look out for some leasehold conveyancing in Torrington. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Torrington - then the leasehold title will always include the short particulars 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 seems to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Torrington. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Torrington 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 buying in Torrington so you should seriously consider looking for a Torrington conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.

Back In 2004, I bought a leasehold house in Torrington. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Torrington who previously acted has long since retired.Any advice?

First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Torrington conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Torrington which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Torrington is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 property 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 Torrington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Can you provide any top tips for leasehold conveyancing in Torrington with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Torrington can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
• Many landlords or managing agents in Torrington levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Torrington.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Torrington state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer first.
• A minority of Torrington leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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.
• You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Torrington Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

If a Torrington lease has no more than 80 years it will impact the value of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this would cost. For most Torringtonlease extensions you will need to own the residence for a couple of years in order to be entitled to carry out a lease extension. It is important to be aware if window replacement or some other major work is due shortly to be shared by the tenants and may well dramatically impact the level of the maintenance charges or result in a specific invoice.