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Questions and Answers: Penzance leasehold conveyancing

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

Assuming the lease is recorded at the land registry - 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 husband and I may need to rent out our Penzance ground floor flat for a while due to taking a sabbatical. We instructed a Penzance conveyancing practice in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?

The lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Penzance do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am hoping to exchange soon on a basement flat in Penzance. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Penzance should include some of the following:

  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from letting out the property, or having a home office for business
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • What you can do if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Penzance please enquire of your conveyancer in ahead of your conveyancing in Penzance

    • I work for a long established estate agent office in Penzance where we have experienced a few flat sales derailed as a result of short leases. I have been given contradictory information from local Penzance conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

    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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

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

    When appointing a property lawyer for your lease extension (regardless if they are a Penzance conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Penzance conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • How many lease extensions has the firm carried out in Penzance in the last twenty four months?
  • Can they put you in touch with client in Penzance who can give a testimonial?

    • I purchased a 1 bedroom flat in Penzance, conveyancing having been completed in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Penzance with an extended lease are worth £265,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2082

    With only 60 years unexpired we estimate the price of your lease extension to range between £24,700 and £28,600 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Penzance