I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Port Isaac. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Port Isaac are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Port Isaac so you should seriously consider looking for a Port Isaac conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.

Back In 2000, I bought a leasehold house in Port Isaac. Conveyancing and Nottingham Building Society mortgage are in place. 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 1994. The conveyancing solicitor in Port Isaac who acted for me is not around.What should I do?

First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Port Isaac conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Can you provide any advice for leasehold conveyancing in Port Isaac with the purpose of expediting the sale process?

• Much of the delay in leasehold conveyancing in Port Isaac can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
• Many freeholders or Management Companies in Port Isaac levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have 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 frustration in leasehold conveyancing in Port Isaac.

A minority of Port Isaac leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.

If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.

If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming process and frustrates many a Port Isaac home move. If a new share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

If all goes to plan we aim to complete the disposal of our £300000 maisonette in Port Isaac in just under a week. The freeholder has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Port Isaac?

For most leasehold sales in Port Isaac conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Port Isaac
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Port Isaac leasehold premises is £350. For Port Isaac conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

What makes a Port Isaac lease unmortgageable?

Leasehold conveyancing in Port Isaac is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and Clydesdale all have express requirements 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 provide security, obliging the purchaser to pull out.

Port Isaac Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing

Be sure to discover if there are any onerous restrictions in the lease. For instance it is reasonably common in Port Isaac leases that pets are not permitted in certain buildings in Port Isaac. If you love the flatin Port Isaac yet your cat is not allowed to move with you then you have a very difficult choice. Who manages the block? Does the lease have in excess of 85 years unexpired?

Other Topics

Lease Extensions in Port Isaac