Leasehold Conveyancing in Port Isaac - Get a Quote from the leasehold experts approved by your lender

Any conveyancing practice can theoretically deal with your leasehold conveyancing in Port Isaac, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Port Isaac leasehold conveyancing: Q and A’s

Harry (my fiance) and I may need to sub-let our Port Isaac garden flat for a while due to a career opportunity. We used a Port Isaac conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease governs the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Port Isaac do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I’m about to sell my 2 bed apartment in Port Isaac.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the service charge 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 am a negotiator for a long established estate agency in Port Isaac where we have experienced a few flat sales put at risk due to short leases. I have received conflicting advice from local Port Isaac conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?

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. The benefit of this is that the buyer can avoid having to wait 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 purchaser.

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

When appointing a property lawyer for your lease extension (regardless if they are a Port Isaac conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Port Isaac conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • How many lease extensions has the firm conducted in Port Isaac in the last year?
  • What are the charges for lease extension work?

  • What are the common problems that you see in leases for Port Isaac properties?

    There is nothing unique about leasehold conveyancing in Port Isaac. All leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and TSB 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 grant the mortgage, obliging the buyer to withdraw.

    Port Isaac Leasehold Conveyancing - A selection of Queries before buying

      The prefered form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this arrangement the leaseholders enjoy being in charge if their destiny and although a managing agent is often employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Does this lease have in excess of 85 years unexpired? Best to be warned if fixing the lift or some other significant cost is due in the foreseeable future to be shared between the tenants and may well dramatically increase the the service charges or result in a specific payment.

    Other Topics

    Lease Extensions in Port Isaac