Fixed-fee leasehold conveyancing in Torpoint:

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Examples of recent questions relating to leasehold conveyancing in Torpoint

Estate agents have just been given the go-ahead to market my ground floor flat in Torpoint.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – 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 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. This will smooth the conveyancing process.

I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Torpoint. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Torpoint are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Torpoint so you should seriously consider shopping around for a Torpoint conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am looking at a two apartments in Torpoint which have about fifty years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Torpoint is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. 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 a residence 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 Torpoint 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 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.

I've recently bought a leasehold flat in Torpoint. Do I have any liability for service charges for periods before completion of my purchase?

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 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 top tips for leasehold conveyancing in Torpoint with the aim of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Torpoint can be reduced if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Torpoint state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. If you dont have the consents to hand do not contact the landlord without checking with your lawyer in advance.
  • A minority of Torpoint leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a duplicate share certificate is often a time consuming process and frustrates many a Torpoint home move. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Leasehold Conveyancing in Torpoint - Sample of Queries before buying

      It is important to be aware whether fixing the lift or some other significant cost is pending to be shared by the tenants and may well dramatically increase the the service costs or result in a specific invoice. Who are the managing agents? You should want to find out as much as you can about the company managing the block as they will either make your life much simpler or problematic. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to daily matters such as the tidiness of the common parts. Ask other people what they think of their service. In conclusion, be sure you understand the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money.

    Other Topics

    Lease Extensions in Torpoint