I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Fowey. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Fowey are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Fowey in which case you should be looking for a Fowey conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Fowey both have in the region of 50 years left on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

I am employed by a reputable estate agency in Fowey where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Fowey conveyancing firms. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is 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.

Can you provide any advice for leasehold conveyancing in Fowey from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Fowey can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Fowey charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Fowey.

What makes a Fowey lease unacceptable for security purposes?

Leasehold conveyancing in Fowey is not unique. All leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• 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

You may 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. National Westminster Bank, Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed 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 grant the mortgage, obliging the purchaser to withdraw.

I invested in buying a split level flat in Fowey, conveyancing having been completed 1998. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Fowey with an extended lease are worth £240,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2093

With just 69 years left to run we estimate the premium for your lease extension to be between £12,400 and £14,200 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed 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 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 before getting professional advice.

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Lease Extensions in Fowey