Examples of recent questions relating to leasehold conveyancing in Truro
My husband and I may need to sub-let our Truro ground floor flat for a while due to a career opportunity. We used a Truro conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease dictates relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Truro do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I have recently realised that I have 68 years left on my flat in Truro. I am keen to get lease extension but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole an enquiry agent should be helpful to conduct investigations and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Truro.
I work for a long established estate agency in Truro where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Truro conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease 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. This means that the proposed purchaser 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 sale.
Alternatively, it may be possible 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.
What advice can you give us when it comes to choosing a Truro conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Truro conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Truro conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Do you have any top tips for leasehold conveyancing in Truro from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Truro can be avoided if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
- Some Truro leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 purchasers or their solicitors.
Truro Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Who is in charge of the building?
The answer will be helpful as a) areas could result in problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the leasehold owners have a dispute with the running of the building you will wish to have all the details
You should be aware that where the lease has fewer than 80 years it will impact the salability of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you will need to own the property for 24 months before you are entitled to exercise a lease extension.