I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Port Isaac. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Port Isaac are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Port Isaac so you should seriously consider shopping around for a Port Isaac conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.

I work for a reputable estate agent office in Port Isaac where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Port Isaac conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension process 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. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

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.

Can you offer any advice when it comes to choosing a Port Isaac conveyancing firm 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 firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several 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 useful:

• If the firm is not ALEP accredited then what is the reason?
• What are the charges for lease extension work?

If all goes to plan we aim to complete our sale of a £ 275000 flat in Port Isaac next Friday . The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Port Isaac?

Port Isaac conveyancing on leasehold apartments more often than not necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are at liberty charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

What makes a Port Isaac lease problematic?

There is nothing unique about leasehold conveyancing in Port Isaac. All leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• 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

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. Birmingham Midshires, Chelsea Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

I inherited a 2 bed flat in Port Isaac, conveyancing was carried out 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Port Isaac with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2079

With 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.