Fixed-fee leasehold conveyancing in Fowey:

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Fowey, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Fowey leasehold conveyancing

I would like to sublet my leasehold apartment in Fowey. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

The lease governs the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Fowey do not contain subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

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

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 extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the landlord. On the whole an enquiry agent should be useful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Fowey.

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

  • Much of the delay in leasehold conveyancing in Fowey can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
  • The majority landlords or Management Companies in Fowey charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Fowey.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Fowey state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the approvals in place do not communicate with the landlord without checking with your solicitor first.
  • Some Fowey leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is below 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

  • We expect to complete the disposal of our £400000 garden flat in Fowey in seven days. The landlords agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Fowey?

    Fowey conveyancing on leasehold apartments ordinarily necessitates fees being raised by managing agents :

    • Answering pre-exchange enquiries
    • Where consent is required before sale in Fowey
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Fowey leasehold property is £350. For Fowey conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

    Are there frequently found problems that you witness in leases for Fowey properties?

    There is nothing unique about leasehold conveyancing in Fowey. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • 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. Lloyds TSB Bank, The Royal Bank of Scotland, and Clydesdale all have express requirements 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 buyer to pull out.

    I purchased a 2 bed flat in Fowey, conveyancing was carried out 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Fowey with over 90 years remaining are worth £185,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2096

    You have 74 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Fowey