I am in need of some leasehold conveyancing in Newquay. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Newquay - 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.

There are only Seventy years left on my lease in Newquay. I need to extend my lease but my freeholder is absent. What should I do?

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 an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to find the landlord. In some cases an enquiry agent would be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Newquay.

I am looking at a two flats in Newquay which have approximately 50 years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Newquay is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Newquay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am a negotiator for a long established estate agency in Newquay where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Newquay conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. 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.

Alternatively, it may be possible 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 buyer.

What advice can you give us when it comes to finding a Newquay conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Newquay conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Newquay conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• How familiar is the practice with lease extension legislation?
• Can they put you in touch with client in Newquay who can give a testimonial?

Newquay Leasehold Conveyancing - Sample of Queries before buying

How many of the leaseholders are in arrears for their maintenance charge payments? Be sure to enquire if there are any onerous prohibitions in the lease. For example some leases prohibit pets being permitted in in a block in Newquay. If you love the flatin Newquay however your cat is not allowed to live with you then you have a very difficult compromise. It is important to be aware whether a new roof is being put on or some other significant cost is due in the near future that will be shared amongst the tenants and may well materially increase the the maintenance fees or result in a one off invoice.