Fixed-fee leasehold conveyancing in Port Isaac:

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Top Five Questions relating to Port Isaac leasehold conveyancing

Having checked my lease I have discovered that there are only 62 years left on my flat in Port Isaac. I am keen to extend my lease but my landlord is can not be found. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the landlord. For most situations an enquiry agent may be helpful to carry out a search and to produce a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Port Isaac.

I own a leasehold flat in Port Isaac. Conveyancing and Leeds Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Port Isaac who previously acted has now retired.Any advice?

First contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Port Isaac conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Can you provide any top tips for leasehold conveyancing in Port Isaac with the intention of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Port Isaac can be bypassed where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers conveyancers.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Port Isaac state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such works. Where you dont have the approvals to hand do not contact the landlord without checking with your solicitor first.
  • Some Port Isaac leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Organising a new share certificate can be a lengthy process and delays many a Port Isaac conveyancing transaction. If a new share is necessary, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • If all goes to plan we aim to complete the sale of our £250000 flat in Port Isaac next week. The management company has quoted £396 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Port Isaac?

    Port Isaac conveyancing on leasehold flats normally requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.

    What are the common defects that you encounter in leases for Port Isaac properties?

    Leasehold conveyancing in Port Isaac is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

    Port Isaac Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

      Does the lease have onerous restrictions? Best to be warned if a new roof is being installed or some other major work is pending that will be shared amongst the leaseholders and will dramatically impact the level of the service charges or require a specific invoice. You should want to discover as much as possible concerning the managing agents as they will either make living at the property much simpler or uncomfortable. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with them. On a final note, be sure you know the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what it includes.

    Other Topics

    Lease Extensions in Port Isaac