I am on look out for some leasehold conveyancing in Penzance. Before I get started I want to be sure as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Penzance - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

My wife and I purchased a leasehold house in Penzance. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Penzance who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to be 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 Penzance conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of apartments in Penzance which have about fifty years left on the leases. Will this present a problem?

There are plenty of short leases in Penzance. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property 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 seek professional assistance from a conveyancer and surveyor with experience in this arena

What are your top tips when it comes to finding a Penzance conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Penzance 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 two or three firms including non Penzance conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the firm with lease extension legislation?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £500000 apartment in Penzance next week. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Penzance?

Penzance conveyancing on leasehold flats usually requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.

Penzance Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

Its a good idea to find out as much as possible about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the common parts. Ask other people what they think of their management. On a final note, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. Plenty Penzance leasehold flats will have a service charge for maintenance of the block levied by the freeholder. If you purchase the property you will have to pay this contribution, usually in instalments during the year. This can vary from a few hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay annual, normally this is not a exorbitant sum, say about £25-£75 but you should to enquire it because sometimes it could be surprisingly expensive. The prefered form of lease structure is if the freehold interest is owned by the leaseholders. In this scenario the lessees have control and although a managing agent is often employed if the building is bigger than a house conversion, the managing agent is directed by the tenants.

Other Topics

Lease Extensions in Penzance