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

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When it comes to leasehold conveyancing in Looe, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley be sure to choose a lawyer on their panel. Feel free to use our search tool

Questions and Answers: Looe leasehold conveyancing

I only have 72 years remaining on my flat in Looe. I now wish to extend my lease but my freeholder is missing. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases an enquiry agent may be helpful to conduct investigations and prepare an expert document to be used as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Looe.

I've recently bought a leasehold property in Looe. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).

I am employed by a busy estate agent office in Looe where we see a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Looe conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having 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 disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

What are your top tips when it comes to finding a Looe conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Looe conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Looe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • If they are not ALEP accredited then what is the reason?
  • What volume of lease extensions have they completed in Looe in the last twenty four months?

    • Can you provide any top tips for leasehold conveyancing in Looe with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Looe can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Looe state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Should you fail to have the consents in place you should not contact the landlord without checking with your conveyancer first.
  • Some Looe leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Obtaining a re-issued share certificate can be a lengthy formality and delays many a Looe home move. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • Leasehold Conveyancing in Looe - A selection of Queries Prior to buying

      How much is the ground rent and service charge? Are there any major works in the planning that could add a premium to the maintenance charges? Its a good idea to find out as much as possible concerning the company managing the block as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the upkeep of the common parts. Ask other people if they are happy with their management. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money.

    Other Topics

    Lease Extensions in Looe