Frequently asked questions relating to Aberystwyth leasehold conveyancing
Estate agents have just been given the go-ahead to market my 2 bed flat in Aberystwyth.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – 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 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Aberystwyth. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Aberystwyth are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Aberystwyth in which case you should be looking for a Aberystwyth conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will report to you on the legal implications.
My wife and I purchased a leasehold flat in Aberystwyth. Conveyancing and TSB mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Aberystwyth who acted for me is not around.Any advice?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Aberystwyth conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a reputable estate agency in Aberystwyth where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Aberystwyth conveyancing firms. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
All being well we will complete our sale of a £225000 garden flat in Aberystwyth in just under a week. The landlords agents 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 Aberystwyth?
Aberystwyth conveyancing on leasehold maisonettes often necessitates the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They are at liberty levy a reasonable charge for responding to questions 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 in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
I own a studio flat in Aberystwyth, conveyancing formalities finalised in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Aberystwyth with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2089
With 67 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 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 extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.