Sample questions relating to Porthleven leasehold conveyancing
Due to sign contracts shortly on a ground floor flat in Porthleven. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Porthleven should include some of the following:
- You should be sent a copy of the lease
I am looking at a couple of apartments in Porthleven both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Porthleven. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
I work for a busy estate agent office in Porthleven where we see a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Porthleven conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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 buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 provide any top tips for leasehold conveyancing in Porthleven with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Porthleven can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Porthleven charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Porthleven.
Completion in due on our sale of a £300000 flat in Porthleven next Monday . The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Porthleven?
Porthleven conveyancing on leasehold flats usually requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They may charge a reasonable charge for answering questions 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 above £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
Leasehold Conveyancing in Porthleven - Examples of Queries Prior to buying
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Is the freehold reversion owned collectively by the tenants?
How much is the ground rent and service charge?
How long is the Lease?
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