Leasehold Conveyancing in Looe - Get a Quote from the leasehold experts approved by your lender

Get a Quote

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

Looe leasehold conveyancing Example Support Desk Enquiries

I am intending to let out my leasehold flat in Looe. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Your lease dictates relations between the landlord and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Looe do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Looe. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Looe ?

Most houses in Looe are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Looe so you should seriously consider looking for a Looe conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.

I work for a busy estate agent office in Looe where we see a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Looe conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Do you have any advice for leasehold conveyancing in Looe with the purpose of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Looe can be bypassed if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers representatives.
  • Many freeholders or managing agents in Looe charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Looe.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Looe leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer in advance.
  • A minority of Looe leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a new share certificate is often a lengthy process and delays many a Looe conveyancing deal. If a new share certificate is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • We expect to complete the disposal of our £450000 maisonette in Looe next week. The management company has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Looe?

    Looe conveyancing on leasehold flats often necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to sell the property.

    I am the registered owner of a split level flat in Looe, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Looe with a long lease are worth £188,000. The ground rent is £60 per annum. The lease expires on 21st October 2082

    With 59 years unexpired the likely cost is going to span between £20,900 and £24,200 plus costs.

    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 investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Looe