Common questions relating to Polperro leasehold conveyancing
I have recently realised that I have Fifty years left on my flat in Polperro. I now wish to extend my lease but my landlord is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to find the landlord. On the whole a specialist should be useful to conduct investigations and prepare a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Polperro.
I have just appointed agents to market my garden apartment in Polperro.Conveyancing has not commenced but I have just had a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am employed by a busy estate agency in Polperro where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Polperro conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process 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. This means that the proposed purchaser need not have 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 prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Do you have any advice for leasehold conveyancing in Polperro with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Polperro can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
- The majority landlords or Management Companies in Polperro charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding 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.
Are there common deficiencies that you witness in leases for Polperro properties?
Leasehold conveyancing in Polperro is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I own a basement flat in Polperro, conveyancing having been completed 1995. How much will my lease extension cost? Similar flats in Polperro with a long lease are worth £207,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2098
With only 75 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for extending 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 tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.