I am on look out for some leasehold conveyancing in Okehampton. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Okehampton - 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 own a leasehold flat in Okehampton. Conveyancing and Britannia mortgage are in place. 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 1992. The conveyancing practitioner in Okehampton who previously acted has long since retired.Any advice?

The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to instruct a Okehampton conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of apartments in Okehampton both have approximately forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Okehampton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. 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 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 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 Okehampton 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 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 any new 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 advice for leasehold conveyancing in Okehampton with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Okehampton can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
• If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Okehampton leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor in advance.
• A minority of Okehampton 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 bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing.
• If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Okehampton home move. If a new share certificate is needed, you should approach the company officers or managing agents (where relevant) for this as soon as possible.

What are the frequently found problems that you witness in leases for Okehampton properties?

Leasehold conveyancing in Okehampton is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

I purchased a 2 bed flat in Okehampton, conveyancing was carried out 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Okehampton with an extended lease are worth £209,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2105

With just 79 years unexpired the likely cost is going to be between £10,500 and £12,000 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.