Common questions relating to Polperro leasehold conveyancing
I am in need of some leasehold conveyancing in Polperro. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Polperro - then the leasehold title will always include the short particulars 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.
Helen (my wife) and I may need to let out our Polperro garden flat temporarily due to taking a sabbatical. We used a Polperro conveyancing practice in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Polperro do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I’m about to sell my basement flat in Polperro.Conveyancing has not commenced but I have just had a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Back In 2006, I bought a leasehold flat in Polperro. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Polperro who acted for me is not around.Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Polperro conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
When it comes to leasehold conveyancing in Polperro what are the most frequent lease defects?
Leasehold conveyancing in Polperro is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Bank of Ireland 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 problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I inherited a 1st floor flat in Polperro, conveyancing having been completed 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Polperro with a long lease are worth £263,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2083
You have 58 years left to run the likely cost is going to range between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to 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.
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