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Porthleven leasehold conveyancing: Q and A’s

Due to complete next month on a basement flat in Porthleven. Conveyancing solicitors have said 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:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the demise. This will be the property itself but could also incorporate a loft or cellar if appropriate.
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Porthleven please ask your conveyancer in advance of your conveyancing in Porthleven

    • I am tempted by the attractive purchase price for a couple of apartments in Porthleven both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

    A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

    Can you offer any advice when it comes to finding a Porthleven conveyancing practice to deal with our lease extension?

    When appointing a property lawyer for your lease extension (regardless if they are a Porthleven conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Porthleven conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

    • Can they put you in touch with client in Porthleven who can give a testimonial?
  • What are the costs for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Porthleven from the point of view of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Porthleven can be reduced where you instruct lawyers as soon as your agents start advertising the 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 homes. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Porthleven.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Porthleven state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the approvals to hand do not communicate with the landlord without contacting your lawyer in advance.
  • Some Porthleven leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 apartment in Porthleven in just under a week. The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Porthleven?

    Porthleven conveyancing on leasehold maisonettes more often than not necessitates the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to assist. They may levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

    Leasehold Conveyancing in Porthleven - Examples of Questions you should ask Prior to Purchasing

      Does the lease have onerous restrictions? It would be prudent to find out as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters like the upkeep of the common parts. Don't be shy to ask other tenants what they think of them. In conclusion, be sure you know the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. In the main the cost for major works tend not to be built into the maintenance charges, although a few managing agents in Porthleven obliged leasehold owners to pay into a reserve fund created for the specific intention of building a fund for larger works.

    Other Topics

    Lease Extensions in Porthleven