Planning to sign contracts shortly on a leasehold property in Porthleven. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• You should be sent a copy of the lease

Does the lease require carpeting throughout thus preventing wood flooring?

You should be told what constitutes 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 sinking fund?

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

Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Porthleven please enquire of your lawyer in ahead of your conveyancing in Porthleven

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Porthleven. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Porthleven are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Porthleven in which case you should be shopping around for a Porthleven conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

Do you have any advice for leasehold conveyancing in Porthleven from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Porthleven can be reduced if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
• Many landlords or managing agents in Porthleven charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Porthleven.

In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Porthleven leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your lawyer in advance.

A minority of Porthleven leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their lawyers.

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 purchasers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and 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 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 present the dispute as historic rather than unsettled.

We expect to complete the sale of our £275000 maisonette in Porthleven next week. The management company has quoted £312 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Porthleven?

Porthleven conveyancing on leasehold apartments ordinarily involves fees being levied by management companies :

• Completing pre-contract questions
• Where consent is required before sale in Porthleven
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Porthleven leasehold premises is £350. For Porthleven conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

What makes a Porthleven lease defective?

Leasehold conveyancing in Porthleven is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations 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.
• Maintenance charge proportions which don’t add up to the correct percentage

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. Lloyds TSB Bank, The Royal Bank of Scotland, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

Leasehold Conveyancing in Porthleven - Examples of Questions you should ask Prior to buying

What is the the remaining lease term? Is anyone aware of any major works anticipated that will add a premium to the maintenance fees? What is the name of the managing agents?

Other Topics

Lease Extensions in Porthleven