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Leasehold conveyancing in Yelverton is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Yelverton and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Questions and Answers: Yelverton leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Yelverton. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Yelverton are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Yelverton so you should seriously consider shopping around for a Yelverton conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am attracted to a couple of flats in Yelverton both have in the region of fifty years left on the leases. should I be concerned?

A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

I work for a reputable estate agent office in Yelverton where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Yelverton conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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 purchaser.

Can you offer any advice when it comes to choosing a Yelverton conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Yelverton conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Yelverton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

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

    • Can you provide any advice for leasehold conveyancing in Yelverton with the intention of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Yelverton can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
    • The majority freeholders or Management Companies in Yelverton charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Yelverton.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Yelverton leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. If you fail to have the approvals to hand do not contact the landlord without contacting your conveyancer first.
  • A minority of Yelverton leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Arranging a re-issued share certificate can be a lengthy formality and frustrates many a Yelverton home move. Where a reissued share is needed, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

    • Yelverton Leasehold Conveyancing - A selection of Queries before Purchasing

      How much is the annual service fee and ground rent? The answer will be useful as a) areas could cause problems in the block as the common areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will need to have all the details Most Yelverton leasehold properties will be liable to pay a service bill for the upkeep of the block set by the management company. Where you purchase the property you will have to meet this amount, normally in instalments throughout the year. This may differ from a few hundred pounds to thousands of pounds for buildings with lifts and large common grounds. There will also be a rentcharge for you to pay annual, this is usually not a significant figure, say around £25-£75 but you should to enquire as occasionally it could be surprisingly expensive.

    Other Topics

    Lease Extensions in Yelverton