I am in need of some leasehold conveyancing in Porthleven. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and most are in Porthleven - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Expecting to sign contracts shortly on a leasehold property in Porthleven. Conveyancing lawyers inform me that they will have a report out to me next week. 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:

• The physical extent of the premises. This will be the apartment itself but may include a loft or cellar if appropriate.

I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Porthleven. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Porthleven ?

The majority of houses in Porthleven are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Porthleven in which case you should be looking for a Porthleven conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a two apartments in Porthleven which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area

Are there common defects that you come across in leases for Porthleven properties?

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

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

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. Halifax, Leeds Building Society, and Bank of Ireland all have express requirements 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, forcing the purchaser to pull out.

Porthleven Leasehold Conveyancing - Examples of Queries before Purchasing

Where a Porthleven lease has less than 80 years it will have adverse implications on the value of the flat. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and it is worth discovering what this will be. For most Porthlevenlease extensions you would be required to have owned the property for two years before you are eligible to extend the lease. The majority of Porthleven leasehold properties will have a service charge for maintenance of the building invoiced by the management company. Where you buy the flat you will have to pay this liability, usually periodically throughout the year. This could differ from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge for you to pay yearly, this is usually not a exorbitant sum, say around £25-£75 but you should to enquire it because on occasion it can be surprisingly expensive. Its a good idea to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters like the tidiness of the common parts. Enquire of other tenants whether they are happy with them. On a final note, be sure you discover the dates that the service charges are due to the managing agents and specifically how they are spending the funds.

Other Topics

Lease Extensions in Porthleven