Recently asked questions relating to Paignton leasehold conveyancing
My fiance and I may need to rent out our Paignton ground floor flat temporarily due to a new job. We instructed a Paignton conveyancing firm in 2002 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Paignton do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Back In 2003, I bought a leasehold flat in Paignton. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. 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 1991. The conveyancing solicitor in Paignton who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Paignton conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two maisonettes in Paignton both have approximately fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Paignton is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Paignton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I've recently bought a leasehold property in Paignton. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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).
Can you offer any advice when it comes to finding a Paignton conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Paignton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Paignton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- Can they put you in touch with client in Paignton who can give a testimonial?
Paignton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
This question is important as a) areas may result in problems in the building as the communal areas may start to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the running of the building you will wish to have all the details
It would be wise to discover as much as possible about the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to daily matters like the tidiness of the common parts. Ask prospective neighbours whether they are happy with their service. Finally, be sure you know the dates that the service fees are due to the relevant party and specifically how they are spending that money.
What is the name of the managing agents?