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Polperro leasehold conveyancing Example Support Desk Enquiries

I have just started marketing my basement flat in Polperro.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear 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 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 own a leasehold house in Polperro. Conveyancing and Bank of Scotland mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Polperro who acted for me is not around.Do I pay?

The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Polperro conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a busy estate agent office in Polperro where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Polperro conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 at the same time as completion of the disposal of the property.

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.

What advice can you give us 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 imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Polperro conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How experienced is the firm with lease extension legislation?
  • How many lease extensions have they conducted in Polperro in the last year?

    • Do you have any top tips for leasehold conveyancing in Polperro with the intention of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Polperro can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
    • A minority of Polperro leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet 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 there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Arranging a new share certificate is often a lengthy formality and frustrates many a Polperro home move. If a reissued share certificate is required, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • Polperro Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

      The majority of Polperro leasehold apartments will be liable to pay a service charge for maintenance of the block invoiced by the freeholder. If you acquire the flat you will have to pay this liability, usually in instalments accross the year. This could vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a ground rent to be met annual, this is usually not a significant figure, say about £25-£75 but you need to check as occasionally it could be surprisingly expensive. Please note that where the lease has no more than eighty years it will impact the value of the apartment. Check with your mortgage company that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would need to own the premises for a couple of years before you are entitled to exercise a lease extension. How much is the ground rent and service charge?

    Other Topics

    Lease Extensions in Polperro