Fixed-fee leasehold conveyancing in Looe:

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Frequently asked questions relating to Looe leasehold conveyancing

Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Looe. I now want to get lease extension but my landlord is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent should be useful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Looe.

Estate agents have just been given the go-ahead to market my ground floor apartment in Looe.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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 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.

I am tempted by the attractive purchase price for a two flats in Looe both have about fifty years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Looe is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Looe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any top tips for leasehold conveyancing in Looe from the perspective of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Looe can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
  • Many freeholders or Management Companies in Looe levy fees for providing management packs for a leasehold homes. 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 frequent cause of frustration in leasehold conveyancing in Looe.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Looe state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the paperwork in place do not communicate with the landlord without checking with your lawyer first.
  • A minority of Looe leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.

    • What makes a Looe lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Looe. All leases are unique and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Bank of Scotland, and Aldermore 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 defective they may refuse to provide security, obliging the purchaser to withdraw.

    Leasehold Conveyancing in Looe - Sample of Queries before Purchasing

      Plenty Looe leasehold properties will incur a service charge for maintenance of the building invoiced on behalf of the landlord. If you acquire the apartment you will have to meet this liability, usually quarterly during the year. This may vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent to be met yearly, this is usually not a exorbitant amount, say approximately £25-£75 but you need to check it because occasionally it could be surprisingly expensive. How long is the Lease? This information is useful as a) areas could result in problems for the block as the common areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the running of the building you will want to know about it

    Other Topics

    Lease Extensions in Looe