I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Polperro. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Polperro are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Polperro in which case you should be shopping around for a Polperro conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

I own a leasehold house in Polperro. Conveyancing and Yorkshire Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Polperro who previously acted has long since retired.What should I do?

First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Polperro conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Do you have any top tips for leasehold conveyancing in Polperro from the perspective of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Polperro can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
• Some Polperro leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.

If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.

If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Arranging a duplicate share certificate is often a time consuming process and delays many a Polperro home move. If a new share certificate is required, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete our sale of a £125000 flat in Polperro next week. The landlords agents has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Polperro?

For the majority of leasehold sales in Polperro conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Polperro
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Polperro leasehold property is £350. For Polperro conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

What makes a Polperro lease defective?

There is nothing unique about leasehold conveyancing in Polperro. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

Polperro Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

How many years remain on the lease? You should be aware if it is fewer than eighty years it will affect the salability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have been the owner of the property for a couple of years in order to be legally able to extend the lease. It would be sensible to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the common parts. Enquire of other tenants whether they are happy with them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending the funds.

Other Topics

Lease Extensions in Polperro