I would like to let out my leasehold flat in Port Isaac. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A small minority of properties in Port Isaac 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 basement apartment in Port Isaac.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – Do I pay up?

It best that you clear 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 management companies 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. This will smooth the conveyancing process.

I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Port Isaac. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Port Isaac ?

Most houses in Port Isaac are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Port Isaac so you should seriously consider looking for a Port Isaac conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

Back In 2006, I bought a leasehold house in Port Isaac. Conveyancing and Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Port Isaac who acted for me is not around.Any advice?

The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Port Isaac conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in Port Isaac both have in the region of forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Port Isaac is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat 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 a residence 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 Port Isaac 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

Port Isaac Leasehold Conveyancing - Sample of Queries Prior to buying

The answer will be helpful as a) areas could result in problems for the block as the common areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will want to have all the details It is important to be aware whether redecorating or some other significant cost is coming up to be shared amongst the tenants and will materially impact the level of the service charges or require a one off invoice. Does the lease have in excess of 80 years left?

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Lease Extensions in Port Isaac