Frequently asked questions relating to Aberbargoed leasehold conveyancing
Estate agents have just been given the go-ahead to market my ground floor flat in Aberbargoed.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Aberbargoed. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Aberbargoed are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Aberbargoed so you should seriously consider looking for a Aberbargoed conveyancing solicitor and check that they have experience in advising on leasehold houses. First 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 such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am employed by a long established estate agent office in Aberbargoed where we see a few leasehold sales derailed due to short leases. I have received contradictory information from local Aberbargoed conveyancing firms. Could you clarify whether the vendor of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have 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.
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 Aberbargoed conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Aberbargoed conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Aberbargoed conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How many lease extensions have they carried out in Aberbargoed in the last twenty four months?
Completion in due on the sale of our £150000 flat in Aberbargoed in just under a week. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Aberbargoed?
Aberbargoed conveyancing on leasehold flats normally requires the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I inherited a 1 bedroom flat in Aberbargoed, conveyancing was carried out 2004. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Aberbargoed with an extended lease are worth £256,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2094
With 69 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
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