I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Torpoint. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Torpoint ?

Most houses in Torpoint are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Torpoint so you should seriously consider looking for a Torpoint conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Torpoint both have in the region of 50 years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Torpoint is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. 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 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 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 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 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 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 top tips for leasehold conveyancing in Torpoint from the point of view of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Torpoint can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
• Many landlords or Management Companies in Torpoint levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Torpoint.
• If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you laid down wooden flooring? Torpoint leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Should you fail to have the approvals in place do not communicate with the landlord without contacting your conveyancer in the first instance.
• Some Torpoint leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 purchasers or their lawyers.
• If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming process and frustrates many a Torpoint home move. Where a duplicate share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

Completion in due on the disposal of our £ 250000 flat in Torpoint next Thursday . The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Torpoint?

Torpoint conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor sending questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is demanded if you want to complete the sale of your home.

I bought a 2 bed flat in Torpoint, conveyancing having been completed 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Torpoint with a long lease are worth £226,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2082

You have 56 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 plus professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.