Planning to sign contracts shortly on a garden flat in Fowey. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Fowey should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
• Whether the lease restricts you from renting out the flat, or having a home office for business
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• You should have a good understanding of the insurance provisions
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What the implications are if you breach a clause of your lease?

I have just started marketing my garden flat in Fowey.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?

It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

Back In 2001, I bought a leasehold house in Fowey. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Fowey who previously acted has long since retired.Any advice?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Fowey conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What are your top tips when it comes to choosing a Fowey conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Fowey conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Fowey conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• What volume of lease extensions have they conducted in Fowey in the last 12 months?
• What are the legal fees for lease extension conveyancing?

Are there frequently found deficiencies that you see in leases for Fowey properties?

Leasehold conveyancing in Fowey is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Fowey - A selection of Queries before buying

Its a good idea to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the communal areas. Enquire of prospective neighbours what they think of their service. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes. If a Fowey lease has less than 80 years it will affect the value of the flat. Check with your lender that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have been the owner of the premises for two years in order to be eligible to carry out a lease extension.