Having had my offer accepted I require leasehold conveyancing in Torpoint. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Torpoint - 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've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Torpoint. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Torpoint ?

The majority of houses in Torpoint are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who 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 be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.

Back In 2003, I bought a leasehold house in Torpoint. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Torpoint who acted for me is not around.Do I pay?

First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Torpoint conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Torpoint which have approximately forty five years left on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

I am a negotiator for a reputable estate agency in Torpoint where we have witnessed a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Torpoint conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

Torpoint Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

The best form of lease structure is if the freehold title is in the ownership of the leaseholders. In this situation the tenants enjoy control and notwithstanding that a managing agent is frequently retained where it is larger than a house conversion, the managing agent retained by the leaseholders.