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Boscastle leasehold conveyancing: Q and A’s

Due to complete next month on a basement flat in Boscastle. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. What should I be looking out for?

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

  • Does the lease prevent you from renting out the flat, or working from home
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • 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
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Boscastle please enquire of your lawyer in ahead of your conveyancing in Boscastle

  • I have just started marketing my basement apartment in Boscastle.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

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

    I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Boscastle. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Boscastle ?

    Most houses in Boscastle are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Boscastle in which case you should be looking for a Boscastle conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

    I've recently bought a leasehold house in Boscastle. Am I liable to pay service charges for periods before my ownership?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    I am a negotiator for a reputable estate agency in Boscastle where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Boscastle conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 before, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

    I acquired a basement flat in Boscastle, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Boscastle with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £45 per annum. The lease expires on 21st October 2079

    With just 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Boscastle