Common questions relating to Truro leasehold conveyancing
I want to sublet my leasehold flat in Truro. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Some leases for properties in Truro do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
My wife and I purchased a leasehold flat in Truro. Conveyancing and Virgin Money mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Truro who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Truro conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured 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 attracted to a couple of flats in Truro both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Truro. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Do you have any top tips for leasehold conveyancing in Truro with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Truro can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Truro state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such changes. If you fail to have the paperwork to hand you should not contact the landlord without checking with your lawyer before hand.
When it comes to leasehold conveyancing in Truro what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Truro. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Leasehold Conveyancing in Truro - Sample of Questions you should consider Prior to buying
This question is important as a) areas can result in problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have full disclosure
Does this lease have in excess of 82 years unexpired?
Generally speaking the outlay for major works are not included within maintenance charges, although a few managing agents in Truro obliged leasehold owners to pay into a reserve fund created for the specific purpose of building a fund for larger works.