I want to let out my leasehold apartment in Polperro. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Some leases for properties in Polperro do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience suggests 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 consent.

I am tempted by the attractive purchase price for a two flats in Polperro which have in the region of forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Polperro is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Polperro conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to finding a Polperro conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Polperro conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Polperro conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the practice with lease extension legislation?
• If they are not ALEP accredited then what is the reason?

Can you provide any advice for leasehold conveyancing in Polperro from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Polperro can be avoided where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
• Many freeholders or Management Companies in Polperro charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. 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 Polperro.
• A minority of Polperro leases require Landlord’s consent to the sale and approval of the buyers. 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. Any bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a lengthy formality and delays many a Polperro conveyancing deal. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

In relation to leasehold conveyancing in Polperro what are the most frequent lease defects?

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

• Repairing obligations to or maintain parts of the premises
• 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

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and TSB all have express 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 buyer to withdraw.

I purchased a 1 bedroom flat in Polperro, conveyancing was carried out 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Polperro with over 90 years remaining are worth £267,000. The ground rent is £55 yearly. The lease ends on 21st October 2087

With 61 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 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 extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.