I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Mevagissey. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Mevagissey are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Mevagissey so you should seriously consider shopping around for a Mevagissey conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.

My wife and I purchased a leasehold flat in Mevagissey. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Mevagissey who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Mevagissey conveyancing practitioner 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 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of maisonettes in Mevagissey both have approximately 50 years left on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold property in Mevagissey. Do I have any liability for service charges for periods before 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).

What makes a Mevagissey lease problematic?

There is nothing unique about leasehold conveyancing in Mevagissey. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. 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
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Mortgage Works, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

Leasehold Conveyancing in Mevagissey - Examples of Queries before buying

The answer will be important as a) areas can cause problems for the block as the common areas may start to deteriorate if maintenance are not paid for b) if the tenants have a dispute with the managing agents you will wish to have full disclosure How much is the ground rent and service charge? In the main the cost for major works tend not to be included within service charges, although some managing agents in Mevagissey ask leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance.

Other Topics

Lease Extensions in Mevagissey