Looking forward to exchange soon on a leasehold property in Porthleven. Conveyancing lawyers inform me that they are sending me a report 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:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• Defining your rights in respect of common areas in the building.By way of example, does the lease permit a right of way over an accessway or hallways?
• Whether the lease restricts you from letting out the property, or working from home
• You should be told what counts as a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• What the implications are if you breach a clause of your lease?

My wife and I purchased a leasehold flat in Porthleven. Conveyancing and Barclays mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Porthleven who previously acted has long since retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Porthleven conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Porthleven both have about fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Porthleven is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Porthleven conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold property in Porthleven. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any advice for leasehold conveyancing in Porthleven from the perspective of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Porthleven can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Porthleven levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought 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 common reason for frustration in leasehold conveyancing in Porthleven.
• Some Porthleven leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 lawyers.
• If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Organising a replacement share certificate is often a time consuming process and frustrates many a Porthleven conveyancing deal. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.
• You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Leasehold Conveyancing in Porthleven - Sample of Queries Prior to buying

It is important to be aware whether redecorating or some other significant cost is pending to be shared between the leasehold owners and will dramatically impact the level of the service charges or result in a one time invoice.