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

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Lostwithiel leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Lostwithiel. Before I set the wheels in motion I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Lostwithiel - 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 wish to let out my leasehold apartment in Lostwithiel. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Some leases for properties in Lostwithiel do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I have just started marketing my garden apartment in Lostwithiel.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is pay the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I own a leasehold house in Lostwithiel. Conveyancing and Yorkshire Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Lostwithiel who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Lostwithiel conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Can you provide any top tips for leasehold conveyancing in Lostwithiel from the perspective of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Lostwithiel can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers solicitors.
  • Many freeholders or managing agents in Lostwithiel charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought 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 usual cause of frustration in leasehold conveyancing in Lostwithiel.
  • A minority of Lostwithiel leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet 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 you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a leasehold flat in Lostwithiel, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Lostwithiel with an extended lease are worth £254,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2085

    You have 59 years left to run the likely cost is going to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you 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 Lostwithiel