Frequently asked questions relating to Porthleven leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Porthleven. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is registered - 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.
I have just started marketing my ground floor flat in Porthleven.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold flat in Porthleven. Conveyancing and Barclays Direct mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Porthleven who acted for me is not around.What should I do?
First make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to instruct a Porthleven conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you offer any advice when it comes to appointing a Porthleven conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (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 suggested that you make enquires with two or three firms including non Porthleven conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the practice with lease extension legislation?
What makes a Porthleven lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Porthleven. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Britannia 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 grant the mortgage, forcing the buyer to pull out.
Porthleven Leasehold Conveyancing - Examples of Queries before Purchasing
How is the lease structured?
Are any of leasehold owners in arrears of their service charge liability?
It is important to be aware whether fixing the lift or some other significant cost is coming up to be shared amongst the leaseholders and will dramatically increase the the maintenance costs or necessitate a one time payment.