Fixed-fee leasehold conveyancing in Polperro:

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Questions and Answers: Polperro leasehold conveyancing

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

A small minority of properties in Polperro do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates 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’m about to sell my 2 bed apartment in Polperro.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – what should I do?

It best that you discharge 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 until 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 looking at a two maisonettes in Polperro which have in the region of forty five years left 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 reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most 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 appointing a Polperro conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Polperro conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Polperro conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • What are the costs for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Polperro with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Polperro can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
    • The majority freeholders or Management Companies in Polperro charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Polperro.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Polperro state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you dont have the approvals to hand do not contact the landlord without checking with your conveyancer first.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 purchasers, but it is better to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy process and slows down many a Polperro home move. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • Polperro Leasehold Conveyancing - A selection of Questions you should ask Prior to buying

      What is the length of the lease? Is anyone aware of any major works anticipated that will likely increase the maintenance costs? Please note if it is fewer than eighty years it will affect the value of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the property for two years before you are legally able to extend the lease.

    Other Topics

    Lease Extensions in Polperro