Recently asked questions relating to Penzance leasehold conveyancing
There are only Sixty One years remaining on my lease in Penzance. I am keen to extend my lease but my freeholder is missing. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. In some cases an enquiry agent may be helpful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Penzance.
Last month I purchased a leasehold flat in Penzance. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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 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 firm) it is imperative 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 before you 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 has the firm conducted in Penzance in the last twenty four months?
Can you provide any advice for leasehold conveyancing in Penzance from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Penzance can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
- The majority freeholders or managing agents in Penzance levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Penzance.
Completion in due on the disposal of our £200000 maisonette in Penzance in just under a week. The landlords agents has quoted £324 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 often necessitates the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I am the registered owner of a 1 bedroom flat in Penzance, conveyancing formalities finalised in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Penzance with an extended lease are worth £264,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2082
With just 59 years left to run we estimate the premium for your lease extension to span between £23,800 and £27,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.