Common questions relating to Abergele leasehold conveyancing
I am in need of some leasehold conveyancing in Abergele. Before I get started I require certainty as to the remaining lease term.
If the lease is registered - and most are in Abergele - then the leasehold title will always include the basic details 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.
Helen (my wife) and I may need to sub-let our Abergele basement flat temporarily due to taking a sabbatical. We instructed a Abergele conveyancing firm in 2002 but they have closed and we did not have the foresight to get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Abergele do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Last month I purchased a leasehold flat in Abergele. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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 top tips for leasehold conveyancing in Abergele from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Abergele can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Abergele charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Abergele.
If all goes to plan we aim to complete our sale of a £475000 apartment in Abergele next Monday . The management company has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Abergele?
Abergele conveyancing on leasehold apartments normally involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded if you want to complete the sale of your home.
I purchased a studio flat in Abergele, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Abergele with over 90 years remaining are worth £193,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2074
With 53 years remaining on your lease we estimate the price of your lease extension to range between £34,200 and £39,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.