Expecting to sign contracts shortly on a leasehold property in Penrith. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Penrith should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Penrith. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Penrith 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 Penrith in which case you should be shopping around for a Penrith conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

Back In 2007, I bought a leasehold flat in Penrith. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Penrith who acted for me is not around.Do I pay?

First make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Penrith conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a reputable estate agent office in Penrith where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Penrith conveyancing solicitors. Could you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is 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.

We expect to complete our sale of a £400000 garden flat in Penrith in 10 days. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Penrith?

Penrith conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the invoice is not strictly payable. In reality one has little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

Leasehold Conveyancing in Penrith - A selection of Questions you should consider Prior to Purchasing

Best to be warned whether window replacement or some other significant cost is due shortly that will be shared amongst the leaseholders and may well materially increase the the service costs or require a specific invoice. Is there a share of the freehold? The answer will be helpful as a) areas could result in problems for the block as the common areas may begin to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have all the details

Other Topics

Lease Extensions in Penrith