Frequently asked questions relating to Looe leasehold conveyancing
I want to rent out my leasehold apartment in Looe. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Looe do not contain subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Back In 2004, I bought a leasehold flat in Looe. Conveyancing and Accord Mortgages Ltd mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Looe who previously acted has now retired.Do I pay?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Looe conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold property in Looe. Am I liable to pay service charges for periods before completion of my purchase?
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 be sure 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).
Can you provide any top tips for leasehold conveyancing in Looe from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Looe can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
- The majority freeholders or Management Companies in Looe levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Looe.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350000 garden flat in Looe on Monday in a week. The managing agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Looe?
Looe conveyancing on leasehold maisonettes usually necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Looe - Examples of Queries Prior to Purchasing
Make sure you find out if there are any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Looe. If you like the apartmentin Looe yet your dog is not allowed to live with you then you will be presented with a difficult determination.
How is the lease structured?
It is important to be aware if fixing the lift or some other major work is coming up that will be shared amongst the leasehold owners and will materially impact the level of the service charges or result in a specific invoice.