Examples of recent questions relating to leasehold conveyancing in Penzance
Harry (my fiance) and I may need to rent out our Penzance 1st floor flat temporarily due to taking a sabbatical. We used a Penzance conveyancing firm in 2003 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Penzance conveyancing solicitor is no longer around you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek permission from your landlord or some other party prior to subletting. The net result is that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably withheld. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I only have 62 years unexpired on my lease in Penzance. I now want to extend my lease but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the landlord. In some cases an enquiry agent would be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Penzance.
Last month I purchased a leasehold house in Penzance. Am I liable to pay service charges for periods before my ownership?
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. 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 provide any advice for leasehold conveyancing in Penzance with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Penzance can be avoided where you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or managing agents in Penzance charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Penzance.
Are there frequently found deficiencies that you witness in leases for Penzance properties?
There is nothing unique about leasehold conveyancing in Penzance. Most leases are unique and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
I acquired a studio flat in Penzance, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Penzance with a long lease are worth £254,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2085
With only 62 years left to run we estimate the premium for your lease extension to range between £19,000 and £22,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.