Common questions relating to Adamsdown leasehold conveyancing
Due to complete next month on a ground floor flat in Adamsdown. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Adamsdown should include some of the following:
- You should be sent a copy of the lease
I've found a house that appears to be perfect, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Adamsdown. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Adamsdown are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Adamsdown so you should seriously consider shopping around for a Adamsdown conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should advise you fully on all the issues.
Back In 2008, I bought a leasehold flat in Adamsdown. Conveyancing and Godiva Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Adamsdown who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Adamsdown conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Do you have any advice for leasehold conveyancing in Adamsdown with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Adamsdown can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
- Some Adamsdown leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
What makes a Adamsdown lease defective?
Leasehold conveyancing in Adamsdown is not unique. All leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- 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
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I bought a leasehold flat in Adamsdown, conveyancing having been completed in 2012. Can you work out an approximate cost of a lease extension? Comparable flats in Adamsdown with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2086
You have 62 years unexpired we estimate the price of your lease extension to span between £18,100 and £20,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
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