Questions and Answers: Padstow leasehold conveyancing
Looking forward to sign contracts shortly on a ground floor flat in Padstow. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Padstow should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Padstow. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Padstow ?
The majority of houses in Padstow are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Padstow so you should seriously consider looking for a Padstow conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am looking at a two flats in Padstow both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I am a negotiator for a long established estate agent office in Padstow where we see a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Padstow conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
What are your top tips when it comes to finding a Padstow conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Padstow conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Padstow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If the firm is not ALEP accredited then why not?
Leasehold Conveyancing in Padstow - Sample of Questions you should consider Prior to Purchasing
You will want to find out as much as possible about the company managing the building as they will either make living at the property much simpler or a lot more difficult. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to daily issues such as the tidiness of the communal areas. Ask prospective neighbours what they think of them. Finally, investigate as to the dates that the service fees are due to the managing agents and precisely how they are spending that money.
What restrictions are there in the Padstow Lease?
On the whole the cost for major works tend not to be included within maintenance charges, albeit that a few managing agents in Padstow obliged leaseholders to pay into a sinking fund created for the specific intention of building a fund for larger repairs or maintenance.