Common questions relating to Newquay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Newquay. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Newquay - then the leasehold title will always include the basic details 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.
Last month I purchased a leasehold house in Newquay. Am I liable to pay service charges for periods before my ownership?
In a situation 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. However, 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).
I am employed by a long established estate agency in Newquay where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Newquay conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the buyer?
As long as 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 need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Can you offer any advice when it comes to appointing a Newquay conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Newquay conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Newquay conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How many lease extensions have they completed in Newquay in the last twenty four months?
All being well we will complete our sale of a £175000 flat in Newquay next week. The freeholder 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 flat conveyance in Newquay?
Newquay conveyancing on leasehold apartments usually involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to do so. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Newquay Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing
Is anyone aware of any major works in the planning that will add a premium to the maintenance costs?
The best form of lease structure is a share of the freehold. In this scenario the lessees have being in charge if their destiny and even though a managing agent is frequently retained where it is larger than a house conversion, the managing agent is directed by the tenants.
Make sure you discover if there is anything that is prohibited in the lease. By way of example it is reasonably common in Newquay leases that pets are not allowed in in a block in Newquay. If you love the flatin Newquay however your dog can’t make the move with you then you have a very difficult decision.