Common questions relating to Abercarn leasehold conveyancing
I have recently realised that I have 72 years remaining on my flat in Abercarn. I now want to get lease extension but my freeholder is absent. What are my options?
On the basis that you qualify, 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 have used your best endeavours to track down the landlord. On the whole a specialist would be useful to try and locate and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Abercarn.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Abercarn. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Abercarn 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 buying in Abercarn so you should seriously consider shopping around for a Abercarn conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
Last month I purchased a leasehold property in Abercarn. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any advice for leasehold conveyancing in Abercarn with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Abercarn can be avoided where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers conveyancers.
- The majority freeholders or managing agents in Abercarn charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Abercarn.
We expect to complete the disposal of our £275000 apartment in Abercarn next week. The management company has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Abercarn?
Abercarn conveyancing on leasehold apartments normally results in fees being levied by managing agents :
- Completing pre-exchange questions
- Where consent is required before sale in Abercarn
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a leasehold flat in Abercarn, conveyancing was carried out in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Abercarn with over 90 years remaining are worth £192,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2094
With 73 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.