Top Five Questions relating to Aberystwyth leasehold conveyancing
I am in need of some leasehold conveyancing in Aberystwyth. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Aberystwyth - 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’m about to sell my 2 bed flat in Aberystwyth.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold flat in Aberystwyth. Do I have any liability for service charges for periods before completion of my purchase?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 offer any advice when it comes to choosing a Aberystwyth conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Aberystwyth conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Aberystwyth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
All being well we will complete our sale of a £475000 apartment in Aberystwyth next Monday . The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Aberystwyth?
For most leasehold sales in Aberystwyth conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Aberystwyth
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Aberystwyth Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
Be sure to find out if there are any onerous prohibitions in the lease. For example some leases prohibit pets being allowed in certain buildings in Aberystwyth. If you like the apartmentin Aberystwyth yet your cat is not allowed to move with you then you will be presented with a difficult decision.
You should want to find out as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the communal areas. Don't be shy to ask other tenants what they think of their service. Finally, be sure you understand the dates that the service fees are due to the relevant party and specifically what you get for your money.
In the main the outlay for major works tend not to be wrapped into the maintenance charges, albeit that a few managing agents in Aberystwyth ask leasehold owners to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance.