Having had my offer accepted I require leasehold conveyancing in Looe. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is registered - and 99.9% are in Looe - then the leasehold title will always include the short particulars 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.

I would like to rent out my leasehold flat in Looe. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

The lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Looe do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I’m about to sell my 2 bed flat in Looe.Conveyancing solicitors are to be appointed soon but I have just received a yearly service 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 apartments in Looe which have approximately fifty years unexpired on the leases. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I've recently bought a leasehold house in Looe. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).

Looe Leasehold Conveyancing - A selection of Queries Prior to buying

Many Looe leasehold apartments will incur a service charge for the upkeep of the block set by the landlord. Should you acquire the flat you will have to meet this charge, usually periodically during the year. This can vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met annual, this is usually not a large sum, say around £25-£75 but you need to check it because occasionally it could be many hundreds of pounds. The answer will be helpful as a) areas can cause problems for the building as the common areas may start to deteriorate where repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will want to know about it The best form of lease structure is a share of the freehold. In this situation the leaseholders have being in charge if their destiny and although a managing agent is frequently employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Looe