Top Five Questions relating to Polperro leasehold conveyancing
I am in need of some leasehold conveyancing in Polperro. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and 99.9% 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.
I wish to let out my leasehold apartment in Polperro. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease dictates relations between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Polperro do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I’m about to sell my garden apartment 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.
I am employed by a busy estate agent office in Polperro where we have witnessed a number of flat sales derailed due to short leases. I have been given conflicting advice from local Polperro conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
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 buyer.
All being well we will complete our sale of a £375000 apartment in Polperro next week. The freeholder has quoted £312 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 Polperro?
Polperro conveyancing on leasehold apartments normally involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to sell the property.
I bought a studio flat in Polperro, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Polperro with over 90 years remaining are worth £191,000. The ground rent is £55 per annum. The lease terminates on 21st October 2079
You have 57 years unexpired we estimate the premium for your lease extension to span between £22,800 and £26,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.