I am in need of some leasehold conveyancing in Watchet. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Watchet - then the leasehold title will always include the basic details 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 would like to rent out my leasehold flat in Watchet. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease governs relations between the landlord and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Watchet do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Watchet. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Watchet ?

Most houses in Watchet are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Watchet in which case you should be looking for a Watchet conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of maisonettes in Watchet both have approximately fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Watchet is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Watchet conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I am a negotiator for a busy estate agency in Watchet where we see a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Watchet conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

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. The benefit of this is that the buyer can avoid having 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 sale.

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.

Watchet Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

Is the freehold owned jointly by the tenants? The majority of Watchet leasehold apartments will have a service charge for maintenance of the building set on behalf of the freeholder. If you acquire the property you will have to meet this liability, usually periodically during the year. This can differ from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay annual, this is usually not a exorbitant sum, say around £25-£75 but you should to check it because on occasion it can be surprisingly expensive. It would be sensible to discover as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the communal areas. Enquire of other people what they think of their management. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what you get for your money.

Other Topics

Lease Extensions in Watchet