Fixed-fee leasehold conveyancing in Fowey:

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

Top Five Questions relating to Fowey leasehold conveyancing

I have recently realised that I have 72 years unexpired on my lease in Fowey. I now wish to extend my lease but my landlord is absent. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the lessor. On the whole an enquiry agent would be useful to conduct investigations and prepare a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Fowey.

Planning to sign contracts shortly on a leasehold property in Fowey. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • Defining your legal entitlements in respect of common areas in the building.For example, does the lease permit a right of way over a path or staircase?
  • Whether the lease restricts you from renting out the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Fowey please enquire of your conveyancer in advance of your conveyancing in Fowey

    • I’m about to sell my 2 bed flat in Fowey.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – Do I pay up?

    The sensible thing to do is clear the invoice 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 management companies will not acknowledge the buyer until 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.

    I am tempted by the attractive purchase price for a two flats in Fowey both have in the region of forty five years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Fowey. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

    I've recently bought a leasehold flat in Fowey. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    In a situation 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 acquired a leasehold flat in Fowey, conveyancing having been completed 2010. 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? Comparable flats in Fowey with a long lease are worth £269,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 2083

    You have 59 years remaining on your lease we estimate the price of your lease extension to be between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" 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 advice on the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

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    Lease Extensions in Fowey