Frequently asked questions relating to Porthleven leasehold conveyancing
I have recently realised that I have 62 years remaining on my lease in Porthleven. I now want to extend my lease but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the freeholder. For most situations an enquiry agent would be useful to conduct investigations and to produce a report to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court covering Porthleven.
Planning to sign contracts shortly on a ground floor flat in Porthleven. Conveyancing solicitors have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Porthleven should include some of the following:
- You should be sent a copy of the lease
I have just started marketing my garden flat in Porthleven.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you 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 unless 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've recently bought a leasehold property in Porthleven. Do I have any liability for service charges for periods before my ownership?
In a situation 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 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).
Can you provide any advice for leasehold conveyancing in Porthleven from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Porthleven can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or Management Companies in Porthleven charge for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Porthleven.
I invested in buying a basement flat in Porthleven, conveyancing having been completed 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Porthleven with an extended lease are worth £167,000. The average or mid-range amount of ground rent is £60 yearly. The lease terminates on 21st October 2092
With only 72 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.