I am in need of some leasehold conveyancing in Port Isaac. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Port Isaac - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Looking forward to complete next month on a ground floor flat in Port Isaac. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?

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

Back In 2003, I bought a leasehold house in Port Isaac. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Port Isaac who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Port Isaac conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a long established estate agency in Port Isaac where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Port Isaac conveyancing solicitors. Could you clarify whether the seller of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. 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 purchaser.

In relation to leasehold conveyancing in Port Isaac what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Port Isaac. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• 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. National Westminster Bank, Chelsea Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

I acquired a split level flat in Port Isaac, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Port Isaac with over 90 years remaining are worth £175,000. The ground rent is £45 yearly. The lease ends on 21st October 2081

With 58 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Port Isaac