Guaranteed fixed fees for Leasehold Conveyancing in Truro

Leasehold conveyancing in Truro is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Truro and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Recently asked questions relating to Truro leasehold conveyancing

I am in need of some leasehold conveyancing in Truro. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Truro - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I’m about to sell my 2 bed flat in Truro.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is pay 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two flats in Truro which have about 50 years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Truro. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I am a negotiator for a busy estate agency in Truro where we have experienced a few leasehold sales jeopardised as a result of short leases. I have been given contradictory information from local Truro conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?

Provided that 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 buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is 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.

Are there common deficiencies that you come across in leases for Truro properties?

Leasehold conveyancing in Truro is not unique. Most leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain elements of the building
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Service charge per centages that don't add up correctly leaving a shortfall

You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

Leasehold Conveyancing in Truro - A selection of Questions you should consider before buying

    This question is useful as a) areas can result in problems in the block as the communal areas may start to deteriorate where maintenance are not paid for b) if the tenants have an issue with the running of the building you will wish to know about it It would be prudent to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues such as the tidiness of the communal areas. You should not be afraid to ask other people what they think of their service. In conclusion, investigate as to the dates that the maintenance fees are due to the relevant party and precisely what you get for your money. For most Truro leaseholds the outlay for major works are not included within service charges, albeit that some managing agents in Truro require tenants to pay into a reserve fund created for the specific intention of establishing a fund for larger repairs or maintenance.

Other Topics

Lease Extensions in Truro