I am on look out for some leasehold conveyancing in Okehampton. Before I get started I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Okehampton - 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 have just appointed agents to market my 2 bed apartment in Okehampton.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Okehampton. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in Okehampton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Okehampton in which case you should be shopping around for a Okehampton conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am attracted to a two maisonettes in Okehampton both have approximately forty five years remaining on the leases. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

Can you provide any top tips for leasehold conveyancing in Okehampton with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Okehampton can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Okehampton leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you fail to have the consents to hand you should not contact the landlord without checking with your solicitor first.
• 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 put in hand 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 actual amount of the service charge 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 hold the original share document. Arranging a replacement share certificate can be a lengthy process and slows down many a Okehampton home move. Where a new share certificate is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
• You believe that you know the number of years left on your lease but you should verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

I own a leasehold flat in Okehampton, conveyancing having been completed in 2007. Can you work out an approximate cost of a lease extension? Equivalent flats in Okehampton with over 90 years remaining are worth £189,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2085

With 59 years unexpired we estimate the price of your lease extension to be between £23,800 and £27,400 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.