Having had my offer accepted I require leasehold conveyancing in Looe. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Looe - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

My partner and I may need to sub-let our Looe ground floor flat for a while due to taking a sabbatical. We instructed a Looe conveyancing practice in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

Even though your previous Looe conveyancing solicitor is not around you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek permission from your landlord or some other party in advance of subletting. This means you not allowed to sublet without prior consent. The consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I have just started marketing my basement apartment in Looe.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – Do I pay up?

It best that you discharge 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. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a couple of flats in Looe which have about fifty years unexpired on the leases. should I be concerned?

There are plenty of short leases in Looe. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

Are there frequently found defects that you encounter in leases for Looe properties?

Leasehold conveyancing in Looe is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

Leasehold Conveyancing in Looe - Sample of Queries Prior to Purchasing

If a Looe lease has less than eighty years it will have adverse implications on the value of the property. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be required to have owned the premises for two years in order to be entitled to extend the lease. How much is the ground rent and service charge? Best to be warned if a new roof is being installed or some other significant cost is due shortly to be shared amongst the leaseholders and will dramatically impact the level of the maintenance costs or require a specific payment.

Other Topics

Lease Extensions in Looe