Planning to complete next month on a leasehold property in Port Isaac. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

I have just appointed agents to market my ground floor flat in Port Isaac.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – what should I do?

The sensible thing to do is clear 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 managing agents 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 own a leasehold flat in Port Isaac. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Port Isaac who acted for me is not around.Do I pay?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Port Isaac conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Last month I purchased a leasehold property in Port Isaac. Do I have any liability for service charges for periods before my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

What makes a Port Isaac lease unmortgageable?

Leasehold conveyancing in Port Isaac is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• 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.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter 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. Santander, Virgin Money, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I own a ground floor flat in Port Isaac, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Port Isaac with over 90 years remaining are worth £236,000. The average or mid-range amount of ground rent is £60 yearly. The lease expires on 21st October 2079

With only 53 years remaining on your lease we estimate the price of your lease extension to be between £31,400 and £36,200 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Port Isaac