I am expecting a DIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Exminster solicitors on the Aldermore conveyancing panel, or is it better to go independently?

You will need to appoint Exminster solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.

I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Exminster building society branch on various occasions and was told they are content with the situation and they would lend. My Exminster conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?

The conveyancer has to follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

Nottingham have agreed my home loan in principle, my offer on a flat in Exminster has been agreed to, what happens next?

The estate agent will wish to be advised as to your property lawyer's details (make sure the conveyancing practitioners are on the lender’s panel). Telephone Nottingham or your financial adviser and finalise any relevant documentation. Nottingham will instruct a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Nottingham will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Exminster.

Are there restrictive covenants that are commonly identified during conveyancing in Exminster?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Exminster. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I am buying a new build flat in Exminster. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Exminster

The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.

I have been on the look out for a flat up to £305k and identified one round the corner in Exminster I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Exminster for this price, so just wondered if I would be making a mistake buying a short lease?

Should you require a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.

I am attracted to a two maisonettes in Exminster which have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Exminster is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 Exminster 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 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.

Exminster Leasehold Conveyancing - Examples of Queries before Purchasing

You should want to discover as much as you can concerning the managing agents as they will either make your living at the property much easier or problematic. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the cleanliness of the communal areas. Don't be afraid to ask prospective neighbours whether they are happy with their management. On a final note, find out the dates that the service fees are due to the managing agents and specifically how they are spending the funds. How is the lease structured? What is the annual maintenance fee and ground rent?