Questions and Answers: Porthleven leasehold conveyancing
Estate agents have just been given the go-ahead to market my garden apartment in Porthleven.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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.
I am attracted to a two flats in Porthleven both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Porthleven is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. On a more positive 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 property 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What advice can you give us when it comes to finding a Porthleven conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Porthleven conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Porthleven conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm carried out in Porthleven in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Porthleven with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Porthleven can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers conveyancers.
- The majority freeholders or managing agents in Porthleven levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Porthleven.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 flat in Porthleven in nine days. The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Porthleven?
Porthleven conveyancing on leasehold apartments usually necessitates the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Porthleven Leasehold Conveyancing - Sample of Questions you should consider before buying
How many of the leaseholders are in arrears for their service charge payments?
Are there any major works in the near future that will add a premium to the maintenance costs?
Make sure you discover if there are any onerous prohibitions in the lease. By way of example some leases prohibit pets being permitted in in a block in Porthleven. If you like the propertyin Porthleven however your cat is not allowed to move with you then you will be presented with a difficult choice.