Fixed-fee leasehold conveyancing in Calstock:

While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Calstock, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Calstock leasehold conveyancing Example Support Desk Enquiries

My fiance and I may need to sub-let our Calstock 1st floor flat temporarily due to a career opportunity. We instructed a Calstock conveyancing firm in 2002 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

The lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Calstock do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I have just started marketing my garden flat in Calstock.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?

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 own a leasehold house in Calstock. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Calstock who previously acted has now retired.Any advice?

First contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Calstock conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Calstock both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Calstock is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and banks, 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 premises 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 property 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 Calstock 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.

Last month I purchased a leasehold flat in Calstock. Do I have any liability for service charges for periods before completion of my purchase?

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. It is an essential part 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).

Calstock Leasehold Conveyancing - A selection of Questions you should consider before buying

    Is the freehold reversion owned collectively by the leaseholders? Does the lease include onerous restrictions? Plenty Calstock leasehold properties will have a service charge for maintenance of the block set on behalf of the freeholder. Should you purchase the apartment you will have to pay this amount, usually in instalments accross the year. This may be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent for you to pay annual, ordinarily this is not a large sum, say approximately £25-£75 but you should to enquire as occasionally it can be prohibitively expensive.

Other Topics

Lease Extensions in Calstock