Leasehold Conveyancing in Truro - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Truro, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Truro leasehold conveyancing

I’m about to sell my 2 bed apartment in Truro.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I own a leasehold house in Truro. Conveyancing and TSB mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Truro who acted for me is not around.Do I pay?

First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Truro conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two flats in Truro which have approximately fifty years unexpired on the leases. should I be concerned?

There are plenty of short leases in Truro. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Can you provide 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 delay in leasehold conveyancing in Truro can be bypassed if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • Many landlords or Management Companies in Truro levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information 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 common cause of delay in leasehold conveyancing in Truro.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Obtaining a new share certificate can be a lengthy process and frustrates many a Truro conveyancing transaction. Where a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • In relation to leasehold conveyancing in Truro what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Truro. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Leeds Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    Truro Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

      What is the name of the managing agents? Best to be warned if fixing the lift or some other major work is pending to be shared between the leasehold owners and will dramatically impact the level of the service charges or necessitate a specific invoice. Is the freehold reversion owned jointly by the tenants?

    Other Topics

    Lease Extensions in Truro