Questions and Answers: Port Isaac leasehold conveyancing
Looking forward to complete next month on a garden flat in Port Isaac. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Port Isaac should include some of the following:
- You should be sent a copy of the lease
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Port Isaac. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Port Isaac ?
The majority of houses in Port Isaac are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help 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 check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I own a leasehold house in Port Isaac. Conveyancing and Barclays mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Port Isaac who previously acted has now retired.Do I pay?
First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Port Isaac 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 no more than 6 years of rent can be collected.
I've recently bought a leasehold flat in Port Isaac. 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 owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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 long established estate agency in Port Isaac where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Port Isaac conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
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. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.
Leasehold Conveyancing in Port Isaac - A selection of Questions you should ask before buying
What is the name of the managing agents?
Is the freehold owned jointly by the tenants?
In the main the cost for major works tend not to be included within maintenance charges, albeit that a few managing agents in Port Isaac require leasehold owners to pay into a sinking fund and this is used to offset against major repairs or maintenance.