I have just appointed agents to market my basement apartment in Torpoint.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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. This will smooth the conveyancing process.

I am attracted to a two maisonettes in Torpoint both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Torpoint is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 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 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 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 am employed by a long established estate agent office in Torpoint where we have experienced a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Torpoint conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.

Can you provide any advice 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 bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
• Many freeholders or managing agents in Torpoint levy fees 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 accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Torpoint.
• If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Torpoint state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
• If you hold a share in a the Management Company, you should make sure that you have the original share document. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Torpoint conveyancing deal. Where a reissued share is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
• You may think that you are aware of the number of years remaining on your lease but you should verify this 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 80 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £ 250000 garden flat in Torpoint on Friday in a week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Torpoint?

Torpoint conveyancing on leasehold apartments more often than not necessitates the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

Torpoint Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

The best form of lease structure is a share of the freehold. In this situation the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. How much is the ground rent and service charge?