Recently asked questions relating to Abercarn leasehold conveyancing
I am on look out for some leasehold conveyancing in Abercarn. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Abercarn - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just appointed agents to market my ground floor flat in Abercarn.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – what should I do?
The sensible thing to do is clear the invoice 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 managing agents will not acknowledge the buyer until 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. This will smooth the conveyancing process.
Can you offer any advice when it comes to finding a Abercarn conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Abercarn conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Abercarn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How many lease extensions has the firm completed in Abercarn in the last 12 months?
All being well we will complete the disposal of our £400000 maisonette in Abercarn on Monday in a week. The management company has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Abercarn?
Abercarn conveyancing on leasehold apartments usually requires the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. In reality one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.
What makes a Abercarn lease defective?
There is nothing unique about leasehold conveyancing in Abercarn. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the property
- 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. Yorkshire Building Society, Coventry Building Society, and Barclays Direct 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 provide security, obliging the purchaser to pull out.
I inherited a 2 bed flat in Abercarn, conveyancing having been completed 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Abercarn with over 90 years remaining are worth £196,000. The ground rent is £45 levied per year. The lease terminates on 21st October 2093
With 71 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. 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. You should not take any other action based on this information without first seeking the advice of a professional.