Planning to sign contracts shortly on a ground floor flat in Yelverton. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Yelverton should include some of the following:

• You should receive a copy of the lease

I’m about to sell my garden flat in Yelverton.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 management companies 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 hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Yelverton. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Yelverton ?

The majority of houses in Yelverton are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Yelverton so you should seriously consider shopping around for a Yelverton conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I work for a reputable estate agent office in Yelverton where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Yelverton conveyancing firms. Could you clarify whether the vendor 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 kick-start 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 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.

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.

When it comes to leasehold conveyancing in Yelverton what are the most frequent lease defects?

Leasehold conveyancing in Yelverton is not unique. All leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

Yelverton Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

Who are the managing agents? How is the lease structured? Generally speaking the outlay for major works are not wrapped into the service charges, although a few managing agents in Yelverton require leaseholders to pay into a reserve fund and this is used to offset against major repairs or maintenance.

Other Topics

Lease Extensions in Yelverton