I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Port Isaac. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Port Isaac ?

Most 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. We note that you are purchasing in Port Isaac so you should seriously consider looking for a Port Isaac conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.

I am looking at a couple of maisonettes in Port Isaac which have in the region of fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Port Isaac. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

I am a negotiator for a reputable estate agency in Port Isaac where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Port Isaac conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is 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 practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (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 suggested that you make enquires with two or three firms including non Port Isaac conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. 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 costs for lease extension work?

Completion in due on the disposal of our £325000 flat in Port Isaac on Wednesday in a week. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Port Isaac?

For the majority of leasehold sales in Port Isaac conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Port Isaac
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Port Isaac leasehold premises is £350. For Port Isaac conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

Leasehold Conveyancing in Port Isaac - Examples of Questions you should ask before Purchasing

Who is in charge of the building? Is anyone aware of any major works in the planning that could add a premium to the service charges? How much is the ground rent and service charge?

Other Topics

Lease Extensions in Port Isaac