Fixed-fee leasehold conveyancing in Bagillt:

Any conveyancing practice can theoretically handle your leasehold conveyancing in Bagillt, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Bagillt leasehold conveyancing

I am on look out for some leasehold conveyancing in Bagillt. 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 registered - and most are in Bagillt - 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.

I own a leasehold flat in Bagillt. Conveyancing and Halifax mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Bagillt who previously acted has now retired.Any advice?

First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Bagillt conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a reputable estate agent office in Bagillt where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Bagillt conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Do you have any advice for leasehold conveyancing in Bagillt with the purpose of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Bagillt can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Bagillt state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such works. If you fail to have the paperwork in place do not contact the landlord without contacting your conveyancer before hand.
  • Some Bagillt 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 obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • Are there frequently found defects that you come across in leases for Bagillt properties?

    Leasehold conveyancing in Bagillt is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Barclays Direct all have very detailed 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 provide security, forcing the buyer to pull out.

    I invested in buying a 1st floor flat in Bagillt, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Bagillt with over 90 years remaining are worth £224,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2094

    With only 72 years left to run the likely cost is going to be between £13,300 and £15,400 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Bagillt