Planning to complete next month on a basement flat in Port Isaac. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Port Isaac should include some of the following:

• Defining your legal entitlements in respect of common areas in the block.E.G., does the lease permit a right of way over a path or hallways?

My wife and I purchased a leasehold flat in Port Isaac. Conveyancing and Barclays mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Port Isaac who previously acted has long since retired.What should I do?

The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Port Isaac conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

What are your top tips when it comes to appointing a Port Isaac conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Port Isaac conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Port Isaac conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• If the firm is not ALEP accredited then what is the reason?

All being well we will complete our sale of a £450000 apartment in Port Isaac in 8 days. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Port Isaac?

Port Isaac conveyancing on leasehold maisonettes normally necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to sell the property.

What are the common deficiencies that you witness in leases for Port Isaac properties?

There is nothing unique about leasehold conveyancing in Port Isaac. Most leases are unique and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

I bought a 1st floor flat in Port Isaac, conveyancing having been completed 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 flats in Port Isaac with over 90 years remaining are worth £245,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2076

With only 54 years left to run we estimate the price of your lease extension to range between £32,300 and £37,400 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Port Isaac