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Top Five Questions relating to Bodmin leasehold conveyancing

My husband and I may need to let out our Bodmin garden flat temporarily due to a new job. We instructed a Bodmin conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Bodmin do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review 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 consent.

I’m about to sell my 2 bed flat in Bodmin.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you 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 managing agents will not acknowledge the buyer until 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 today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bodmin. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in Bodmin are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Bodmin so you should seriously consider looking for a Bodmin conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of flats in Bodmin both have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Bodmin. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Do you have any top tips for leasehold conveyancing in Bodmin with the intention of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Bodmin can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers representatives.
  • The majority freeholders or Management Companies in Bodmin levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bodmin.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Bodmin state that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such alterations. If you dont have the paperwork in place you should not communicate with the landlord without contacting your conveyancer in advance.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Bodmin Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

      How many years remain on the lease? For many Bodmin leaseholds the outlay for major works tend not to be included within service charges, although there some managing agents in Bodmin require tenants to contribute towards a sinking fund created for the specific intention of building a fund for larger works. What restrictions are contained in the Bodmin Lease?

    Other Topics

    Lease Extensions in Bodmin