Fixed-fee leasehold conveyancing in Newquay:

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Recently asked questions relating to Newquay leasehold conveyancing

Looking forward to complete next month on a leasehold property in Newquay. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Newquay should include some of the following:

  • Does the lease require carpeting throughout thus preventing wood flooring?
  • You need to be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Newquay please enquire of your conveyancer in ahead of your conveyancing in Newquay

    • I am employed by a long established estate agency in Newquay where we have witnessed a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Newquay conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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.

    What are your top tips when it comes to appointing a Newquay conveyancing practice to deal with our lease extension?

    If you are instructing a solicitor for lease extension works (regardless if they are a Newquay conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Newquay conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Newquay who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Newquay with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Newquay can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
    • Many freeholders or Management Companies in Newquay charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Newquay.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Arranging a re-issued share certificate can be a time consuming formality and slows down many a Newquay home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the common deficiencies that you come across in leases for Newquay properties?

    There is nothing unique about leasehold conveyancing in Newquay. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements 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 could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Aldermore 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 does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

    I acquired a 1 bedroom flat in Newquay, conveyancing was carried out 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Newquay with over 90 years remaining are worth £264,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2096

    With only 72 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Newquay