Fixed-fee leasehold conveyancing in Teignmouth:

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Sample questions relating to Teignmouth leasehold conveyancing

I’m about to sell my basement apartment in Teignmouth.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is pay 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two flats in Teignmouth which have approximately 50 years left on the leases. should I be concerned?

There are plenty of short leases in Teignmouth. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

I work for a reputable estate agency in Teignmouth where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Teignmouth conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?

Provided that the seller has owned the lease 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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.

Do you have any advice for leasehold conveyancing in Teignmouth from the point of view of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Teignmouth can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers representatives.
  • The majority freeholders or Management Companies in Teignmouth charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. 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 Teignmouth.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Teignmouth state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you fail to have the approvals in place do not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Teignmouth leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 lawyers.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Organising a replacement share certificate can be a lengthy formality and delays many a Teignmouth conveyancing deal. If a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • Completion in due on our sale of a £425000 apartment in Teignmouth on Monday in a week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Teignmouth?

    Teignmouth conveyancing on leasehold apartments often requires the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality one has no option but to pay whatever is requested of you should you wish to sell the property.

    Teignmouth Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

      What is the length of the lease? The best form of lease arrangement is a share of the freehold. In this arrangement the leaseholders enjoy control and even though a managing agent is usually retained where it is larger than a house conversion, the managing agent is directed by the tenants. Does the lease include onerous restrictions?

    Other Topics

    Lease Extensions in Teignmouth