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

Require a conveyancing quote from a solicitor for leasehold conveyancing in Polperro on your lender’s panel? Use our search tool to find leading local Polperro conveyancing practitioners or national solicitors on your lender’s panel .

Common questions relating to Polperro leasehold conveyancing

My husband and I may need to let out our Polperro basement flat for a while due to taking a sabbatical. We used a Polperro conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

The lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Polperro do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Last month I purchased a leasehold flat in Polperro. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner 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 work for a reputable estate agent office in Polperro where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Polperro conveyancing firms. Can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.

Can you provide any advice for leasehold conveyancing in Polperro with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Polperro can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
  • The majority freeholders or Management Companies in Polperro charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Polperro.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Polperro leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the consents in place do not communicate with the landlord without contacting your solicitor first.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • In relation to leasehold conveyancing in Polperro what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Polperro. All leases is drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts 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

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Platform Home Loans Ltd all have express 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, forcing the purchaser to pull out.

    Polperro Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing

      Is there a share of the freehold? Its a good idea to discover as much as possible regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the tidiness of the communal areas. You should not be shy to ask other people what they think of them. Finally, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. Does the lease include onerous restrictions?

    Other Topics

    Lease Extensions in Polperro