Top Five Questions relating to Penzance leasehold conveyancing
Due to sign contracts shortly on a garden flat in Penzance. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Penzance should include some of the following:
- You should be sent a copy of the lease
I’m about to sell my garden apartment in Penzance.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?
It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Penzance. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Penzance are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Penzance in which case you should be shopping around for a Penzance conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
Last month I purchased a leasehold house in Penzance. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
What are your top tips when it comes to finding a Penzance conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Penzance conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Penzance conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- What volume of lease extensions have they carried out in Penzance in the last 12 months?
Penzance Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
It would be prudent to discover as much as you can about the company managing the building as they can either make your living at the property much simpler or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the common parts. Ask other people what they think of their management. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes.
Please note if it is no more than 80 years it will affect the value of the flat. Check with your lender that they are happy with the length of the lease. A short lease means that you will most likely require a lease extension at some point and it is worth discovering what this would cost. For most Penzancelease extensions you would need to own the residence for a couple of years before you are eligible to extend the lease.
How long is the Lease?