Sample questions relating to Polperro leasehold conveyancing
I only have 62 years left on my flat in Polperro. I am keen to extend my lease but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to find the lessor. On the whole an enquiry agent would be helpful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Polperro.
I am looking at a two apartments in Polperro which have approximately forty five years left on the lease term. Do I need to be concerned?
There are plenty of short leases in Polperro. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold house in Polperro. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for 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 contradictory information from local Polperro conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension process for the buyer?
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. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
All being well we will complete our sale of a £175000 apartment in Polperro in just under a week. The managing agents has quoted £312 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Polperro?
Polperro conveyancing on leasehold flats typically necessitates administration charges raised by management companies :
- Answering pre-exchange enquiries
- Where consent is required before sale in Polperro
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a 1st floor flat in Polperro, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Polperro with over 90 years remaining are worth £233,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2074
With just 54 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.