I am on look out for some leasehold conveyancing in Fowey. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in Fowey - 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.

There are only 72 years remaining on my flat in Fowey. I need to extend my lease but my freeholder is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent may be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Fowey.

I've recently bought a leasehold property in Fowey. 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. 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).

Do you have any advice for leasehold conveyancing in Fowey from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Fowey can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
• Many landlords or Management Companies in Fowey charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Fowey.
• If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge 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 are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and slows down many a Fowey conveyancing transaction. If a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

What are the frequently found defects that you come across in leases for Fowey properties?

Leasehold conveyancing in Fowey is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• 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

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Aldermore 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 is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Leasehold Conveyancing in Fowey - Examples of Queries Prior to Purchasing

Are any of leasehold owners in arrears of their service charge liability?