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

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When it comes to leasehold conveyancing in Truro, you will need to chose a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Clydesdale , Birmingham Midshires or NatWest make sure you choose a lawyer on their approved list. Feel free to use our search tool

Truro leasehold conveyancing: Q and A’s

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Truro. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Truro ?

Most houses in Truro are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Truro so you should seriously consider looking for a Truro conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Truro which have about fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Truro. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to finding a Truro conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Truro conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Truro conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • How experienced is the firm with lease extension legislation?
  • What volume of lease extensions has the firm completed in Truro in the last year?

    • Do you have any advice for leasehold conveyancing in Truro from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Truro can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
    • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example installed wooden flooring? Truro leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such changes. If you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer before hand.
  • Some Truro leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Truro lease unmortgageable?

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

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • 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 encounter 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. Barclays , Chelsea Building Society, and Clydesdale 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 grant the mortgage, obliging the buyer to withdraw.

    Truro Leasehold Conveyancing - A selection of Questions you should ask Prior to buying

      Is anyone aware of any major works in the planning that could increase the service fees? It would be wise to find out as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily issues such as the upkeep of the communal areas. Enquire of prospective neighbours what they think of them. In conclusion, be sure you understand the dates that the maintenance charges are due to the managing agents and specifically what it includes. What is the the remaining lease term?

    Other Topics

    Lease Extensions in Truro