Fixed-fee leasehold conveyancing in Boscastle:

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Frequently asked questions relating to Boscastle leasehold conveyancing

I am on look out for some leasehold conveyancing in Boscastle. Before I get started I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Boscastle - then the leasehold title will always include the short particulars 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.

Expecting to complete next month on a studio apartment in Boscastle. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Boscastle should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the property. This will be the apartment itself but might include a loft or basement if appropriate.
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are you allowed to have a pet in the flat?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Boscastle please enquire of your conveyancer in advance of your conveyancing in Boscastle

    • I have just started marketing my ground floor flat in Boscastle.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should pay 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 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.

    Can you provide any top tips for leasehold conveyancing in Boscastle with the purpose of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Boscastle can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • The majority freeholders or managing agents in Boscastle levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Boscastle.
  • Some Boscastle leases require Licence to Assign from the landlord. If this is the case, 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 financially capable of paying 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 have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and 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 purchasers, but it is better to present the dispute as historic as opposed to unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Are there common problems that you see in leases for Boscastle properties?

    Leasehold conveyancing in Boscastle is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

    Leasehold Conveyancing in Boscastle - Sample of Queries Prior to Purchasing

      Is the freehold owned collectively by the leaseholders? Most Boscastle leasehold flats will incur a service bill for the upkeep of the building set by the landlord. Where you purchase the apartment you will have to meet this contribution, normally quarterly accross the year. This can vary from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a ground rent to be met annual, normally this is not a exorbitant figure, say about £25-£75 but you need to enquire it because occasionally it can be surprisingly expensive. Be sure to enquire if there is anything that is prohibited in the lease. For instance it is very common in Boscastle leases that pets are not permitted in certain buildings in Boscastle. If you love the propertyin Boscastle however your cat can’t move with you then you have a very hard determination.

    Other Topics

    Lease Extensions in Boscastle