I only have Fifty years left on my flat in Fowey. I now want to get lease extension but my freeholder is can not be found. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. In some cases a specialist may be useful to try and locate and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Fowey.

My wife and I purchased a leasehold house in Fowey. Conveyancing and Britannia mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Fowey who previously acted has now retired.Any advice?

The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Fowey conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Fowey both have approximately fifty years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Fowey is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. 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 property 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 premises 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 Fowey conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

Can you offer any advice when it comes to choosing a Fowey conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Fowey conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Fowey conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If they are not ALEP accredited then what is the reason?
• What volume of lease extensions has the firm conducted in Fowey in the last twenty four months?

All being well we will complete the disposal of our £ 125000 garden flat in Fowey on Wednesday in a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Fowey?

Fowey conveyancing on leasehold apartments often requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be content to do so. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

Leasehold Conveyancing in Fowey - Examples of Questions you should consider before Purchasing

Is there a share of the freehold?