Common questions relating to Penzance leasehold conveyancing
Harry (my fiance) and I may need to let out our Penzance garden flat temporarily due to taking a sabbatical. We used a Penzance conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Penzance do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Penzance. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Penzance are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Penzance in which case you should be looking for a Penzance conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
I've recently bought a leasehold house in Penzance. Do I have any liability for service charges for periods before 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. 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).
Can you offer any advice when it comes to choosing a Penzance conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Penzance conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Penzance conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- Can they put you in touch with client in Penzance who can give a testimonial?
Can you provide any advice for leasehold conveyancing in Penzance with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Penzance can be reduced where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
- The majority freeholders or Management Companies in Penzance levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Penzance.
I am the registered owner of a 1 bedroom flat in Penzance, conveyancing formalities finalised in 2010. How much will my lease extension cost? Equivalent flats in Penzance with an extended lease are worth £182,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2078
With 56 years left to run we estimate the premium for your lease extension to range between £25,700 and £29,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.