Leasehold Conveyancing in Penzance - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Penzance, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to Penzance leasehold conveyancing

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Penzance. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Penzance ?

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 assist with the conveyancing process. We note that you are purchasing in Penzance in which case you should be shopping around for a Penzance conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.

Back In 2006, I bought a leasehold flat in Penzance. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Penzance who previously acted has now retired.Any advice?

First contact the Land Registry to make sure that this person is indeed the new freeholder. There is no need to instruct a Penzance conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a long established estate agency in Penzance where we have witnessed a few flat sales jeopardised due to short leases. I have received conflicting advice from local Penzance conveyancing firms. Can you confirm whether the owner of a flat can start 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. The benefit of this is 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 has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

What advice can you give us when it comes to finding a Penzance conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Penzance conveyancing practice) 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 two or three 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 helpful:

  • What volume of lease extensions has the firm carried out in Penzance in the last twenty four months?
  • What are the charges for lease extension work?

    • Do you have any advice for leasehold conveyancing in Penzance from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Penzance can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
    • Many landlords or Management Companies in Penzance levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Penzance.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Penzance leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such alterations. Should you dont have the approvals to hand do not contact the landlord without checking with your solicitor in advance.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I inherited a split level flat in Penzance, conveyancing was carried out in 2002. How much will my lease extension cost? Corresponding flats in Penzance with an extended lease are worth £175,000. The ground rent is £60 levied per year. The lease comes to an end on 21st October 2095

    With 71 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. 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. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Penzance