Guaranteed fixed fees for Leasehold Conveyancing in Porthleven

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Questions and Answers: Porthleven leasehold conveyancing

Planning to complete next month on a garden flat in Porthleven. Conveyancing solicitors 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, landlord
  • Will you be prohibited or prevented from having pets in the property?
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • 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 details of the information to be contained in your report on your leasehold property in Porthleven please ask your conveyancer in ahead of your conveyancing in Porthleven

    • Last month I purchased a leasehold property in Porthleven. Do I have any liability for service charges relating to a period prior to my ownership?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

    I work for a reputable estate agent office in Porthleven where we see a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Porthleven conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    What advice can you give us when it comes to finding a Porthleven conveyancing practice to carry out our lease extension conveyancing?

    When appointing a solicitor for lease extension works (regardless if they are a Porthleven conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Porthleven conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

    • What volume of lease extensions has the firm carried out in Porthleven in the last twenty four months?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Porthleven with the purpose of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Porthleven can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • Many landlords or Management Companies in Porthleven charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. 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 frequent reason for frustration in leasehold conveyancing in Porthleven.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Porthleven leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord approving such alterations. Where you dont have the paperwork to hand do not contact the landlord without contacting your lawyer first.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming formality and delays many a Porthleven conveyancing transaction. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but you should double-check via your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I own a ground floor flat in Porthleven, conveyancing having been completed in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Porthleven with over 90 years remaining are worth £233,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2097

    With 72 years left to run we estimate the premium for your lease extension to span between £11,400 and £13,200 plus professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Porthleven