I am on look out for some leasehold conveyancing in St Columb. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in St Columb - then the leasehold title will always include the basic details 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 am tempted by the attractive purchase price for a couple of maisonettes in St Columb which have in the region of forty five years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in St Columb is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and lenders, leases with less than 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 St Columb 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 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 the agreed 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.

I've recently bought a leasehold property in St Columb. Do I have any liability for service charges for periods before my ownership?

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. 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 top tips for leasehold conveyancing in St Columb from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in St Columb can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
• If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? St Columb leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such works. Should you fail to have the consents in place you should not communicate with the landlord without checking with your conveyancer before hand.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
• If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Arranging a replacement share certificate is often a time consuming process and delays many a St Columb home move. If a duplicate share is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important 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.

What makes a St Columb lease defective?

Leasehold conveyancing in St Columb is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

St Columb Conveyancing for Leasehold Flats - A selection of Queries Prior to buying