Fowey leasehold conveyancing Example Support Desk Enquiries
I would like to rent out my leasehold flat in Fowey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Fowey do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I own a leasehold flat in Fowey. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Fowey who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Fowey conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two flats in Fowey which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Fowey. The lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold flat in Fowey. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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 reputable estate agent office in Fowey where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Fowey conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
Provided that 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. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.
Fowey Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
Its a good idea to discover as much as possible regarding the managing agents as they can either make your living at the property much easier or a lot more difficult. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to every day issues such as the tidiness of the common parts. Ask other people whether they are happy with their service. On a final note, investigate as to the dates that the service fees are due to the appropriate party and precisely how they are spending that money.
What prohibitions are contained in the Fowey Lease?
Generally speaking the cost for major works tend not to be included within maintenance charges, although some managing agents in Fowey obliged leasehold owners to contribute towards a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.