Recently asked questions relating to Aberystwyth leasehold conveyancing
I am in need of some leasehold conveyancing in Aberystwyth. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and most 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.
Looking forward to sign contracts shortly on a ground floor flat in Aberystwyth. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Aberystwyth should include some of the following:
- You should be sent a copy of the lease
Last month I purchased 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. 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).
Do you have any advice for leasehold conveyancing in Aberystwyth with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Aberystwyth can be avoided where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Aberystwyth leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such works. If you fail to have the paperwork to hand do not contact the landlord without checking with your solicitor in the first instance.
What makes a Aberystwyth lease problematic?
There is nothing unique about leasehold conveyancing in Aberystwyth. Most leases are unique and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Bank of Ireland 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 is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
Leasehold Conveyancing in Aberystwyth - A selection of Questions you should ask before Purchasing
Make sure you enquire if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in in a block in Aberystwyth. If you like the flatin Aberystwyth but your dog is not allowed to make the move with you then you will be presented with a hard decision.
The answer will be important as a) areas may cause problems in the building as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the running of the building you will want to know about it
How is the lease structured?