Fixed-fee leasehold conveyancing in Falmouth:

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

Questions and Answers: Falmouth leasehold conveyancing

I want to sublet my leasehold flat in Falmouth. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Even though your last Falmouth conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must seek consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining consent. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord for their consent.

I am hoping to sign contracts shortly on a garden flat in Falmouth. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?

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

  • You should be sent a copy of the lease
  • The unexpired lease term 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
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Falmouth please ask your conveyancer in advance of your conveyancing in Falmouth

  • Last month I purchased a leasehold property in Falmouth. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 employed by a long established estate agent office in Falmouth where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Falmouth conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process for the buyer?

    As long as the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

    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.

    What makes a Falmouth lease unacceptable for security purposes?

    Leasehold conveyancing in Falmouth is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Virgin Money, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

    I purchased a studio flat in Falmouth, conveyancing having been completed in 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Falmouth with an extended lease are worth £266,000. The ground rent is £55 per annum. The lease finishes on 21st October 2096

    You have 72 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.

    The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Falmouth