Leasehold Conveyancing in Ottery St Mary - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Ottery St Mary leasehold conveyancing

My wife and I may need to rent out our Ottery St Mary ground floor flat temporarily due to taking a sabbatical. We used a Ottery St Mary conveyancing practice in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Ottery St Mary do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

Planning to sign contracts shortly on a garden flat in Ottery St Mary. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Ottery St Mary should include some of the following:

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Whether the lease restricts you from letting out the flat, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Ottery St Mary please ask your conveyancer in advance of your conveyancing in Ottery St Mary

    • I have just started marketing my basement apartment in Ottery St Mary.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – Do I pay up?

    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 managing agents 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 looking at a two maisonettes in Ottery St Mary which have approximately fifty years unexpired on the leases. Will this present a problem?

    There are no two ways about it. A leasehold flat in Ottery St Mary is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive 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 Ottery St Mary 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.

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

    • A significant proportion of the frustration in leasehold conveyancing in Ottery St Mary can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
    • Some Ottery St Mary leases require Landlord’s consent to the sale and approval of the buyers. 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. The bank reference will need to confirm that the buyers are able to meet the annual 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 conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 buyers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Arranging a duplicate share certificate is often a lengthy process and slows down many a Ottery St Mary conveyancing deal. Where a new share is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Leasehold Conveyancing in Ottery St Mary - A selection of Queries before Purchasing

      Best to be warned whether changing the roof or some other major work is due shortly to be shared by the leasehold owners and will dramatically impact the level of the service fees or require a one time payment. Be sure to discover if the the lease includes any adverse restrictions in the lease. For instance it is very common in Ottery St Mary leases that pets are not allowed in in a block in Ottery St Mary. If you love the apartmentin Ottery St Mary yet your cat is not allowed to live with you then you have a very hard choice. It would be sensible to find out as much as you can concerning the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to day to day matters like the cleanliness of the common parts. Don't be afraid to ask other people if they are happy with their management. Finally, be sure you know the dates that the maintenance fees are due to the managing agents and specifically what it includes.

    Other Topics

    Lease Extensions in Ottery St Mary