Totnes leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Totnes. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Totnes - 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 am tempted by the attractive purchase price for a couple of apartments in Totnes which have about fifty years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Totnes is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 premises 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 Totnes 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I am a negotiator for a long established estate agency in Totnes where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Totnes conveyancing firms. Please can you confirm whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner 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 proposed purchaser 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 prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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.
What advice can you give us when it comes to choosing a Totnes conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Totnes conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Totnes conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
All being well we will complete our sale of a £225000 apartment in Totnes next Tuesday . The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Totnes?
Totnes conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is technically not due. In reality you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Leasehold Conveyancing in Totnes - Sample of Questions you should consider before Purchasing
Does the lease include onerous restrictions?
Is anyone aware of any major works in the planning that will add a premium to the maintenance costs?
Be sure to enquire if the the lease contains any onerous restrictions in the lease. For example it is very common in Totnes leases that pets are not allowed in in a block in Totnes. If you love the propertyin Totnes however your cat is not allowed to make the move with you then you will be faced hard determination.