Frank (my husband) and I may need to rent out our Port Isaac 1st floor flat for a while due to a new job. We used a Port Isaac conveyancing practice in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

A small minority of properties in Port Isaac do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Back In 2008, I bought a leasehold flat in Port Isaac. Conveyancing and Barclays mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Port Isaac who previously acted has now retired.Any advice?

The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Port Isaac conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a busy estate agent office in Port Isaac where we have experienced a number of leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Port Isaac conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. The benefit of this is that the proposed purchaser need not have to sit tight for 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 buyer.

Can you provide any advice for leasehold conveyancing in Port Isaac from the point of view of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Port Isaac can be reduced if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
• A minority of Port Isaac leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.

What makes a Port Isaac lease defective?

Leasehold conveyancing in Port Isaac is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• 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

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. Lloyds TSB Bank, The Mortgage Works, and TSB all have very detailed conveyancing instructions 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 provide security, obliging the buyer to withdraw.

I invested in buying a studio flat in Port Isaac, conveyancing having been completed 1995. How much will my lease extension cost? Corresponding flats in Port Isaac with a long lease are worth £240,000. The ground rent is £60 invoiced annually. The lease runs out on 21st October 2085

With just 60 years remaining on your lease we estimate the premium for your lease extension to span between £24,700 and £28,600 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. 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 want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Port Isaac