Looking forward to exchange soon on a garden flat in Penryn. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Penryn. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Penryn ?

Most houses in Penryn are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Penryn in which case you should be shopping around for a Penryn conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.

Back In 2002, I bought a leasehold flat in Penryn. Conveyancing and Clydesdale mortgage organised. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Penryn who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Penryn conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a long established estate agency in Penryn where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Penryn conveyancing solicitors. Can you shed some light as to whether the owner of a flat can instigate 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. This means that the buyer need not have to wait 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 sale.

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.

What makes a Penryn lease defective?

There is nothing unique about leasehold conveyancing in Penryn. All 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:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

Penryn Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

Are any of leasehold owners in dispute over their service charge payments? Best to be warned whether a new roof is being installed or some other major work is due shortly that will be shared amongst the tenants and could well materially increase the the maintenance costs or necessitate a one off invoice. Plenty Penryn leasehold apartments will incur a service bill for maintenance of the block levied on behalf of the freeholder. If you purchase the property you will have to meet this amount, normally quarterly during the year. This could vary from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met annual, this is usually not a exorbitant amount, say approximately £50-£100 but you need to enquire it because sometimes it can be surprisingly expensive.

Other Topics

Lease Extensions in Penryn