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Leasehold conveyancing in Penzance is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Penzance and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Penzance leasehold conveyancing

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Penzance. Conveyancing advisers have are about to be appointed. Will they explain the issues?

The majority of houses in Penzance are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Penzance so you should seriously consider looking for a Penzance conveyancing solicitor and be sure that they have experience in advising on 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 with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.

I am a negotiator for a reputable estate agent office in Penzance where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Penzance conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. 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.

Can you offer any advice when it comes to appointing a Penzance conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Penzance conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Penzance conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • Can they put you in touch with client in Penzance who can give a testimonial?
  • What are the costs for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Penzance with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Penzance can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Penzance leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such works. If you fail to have the approvals to hand you should not contact the landlord without contacting your solicitor in the first instance.
  • Some Penzance leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a new share certificate is often a time consuming formality and frustrates many a Penzance home move. Where a duplicate share is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.

    • We expect to complete the disposal of our £275000 apartment in Penzance on Tuesday in a week. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Penzance?

    Penzance conveyancing on leasehold maisonettes often requires the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.

    Penzance Leasehold Conveyancing - Sample of Queries Prior to Purchasing

      The best form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this scenario the leaseholders enjoy being in charge if their destiny and although a managing agent is usually employed where the building is larger than a house conversion, the managing agent employed by the leaseholders. Plenty Penzance leasehold properties will incur a service bill for maintenance of the building set by the landlord. Should you acquire the apartment you will have to meet this amount, normally periodically throughout the year. This may be anything from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge for you to pay yearly, this is usually not a exorbitant amount, say about £50-£100 but you need to enquire it because on occasion it could be surprisingly expensive. What restrictions exist in the Penzance Lease?

    Other Topics

    Lease Extensions in Penzance