Fixed-fee leasehold conveyancing in Bargoed:

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

Top Five Questions relating to Bargoed leasehold conveyancing

I am on look out for some leasehold conveyancing in Bargoed. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Bargoed - 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Bargoed. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Bargoed are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Bargoed so you should seriously consider looking for a Bargoed conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.

Can you provide any advice for leasehold conveyancing in Bargoed from the point of view of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Bargoed can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Bargoed leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the consents to hand do not contact the landlord without checking with your lawyer in the first instance.
  • Some Bargoed leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.
  • You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 garden flat in Bargoed next Wednesday . The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Bargoed?

    Bargoed conveyancing on leasehold apartments normally involves the buyer’s solicitor submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded should you wish to sell the property.

    What are the frequently found problems that you see in leases for Bargoed properties?

    Leasehold conveyancing in Bargoed is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • 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 as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

    I bought a studio flat in Bargoed, conveyancing was carried out 2012. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Bargoed with over 90 years remaining are worth £210,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2074

    With just 50 years remaining on your lease we estimate the premium for your lease extension to be between £34,200 and £39,600 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Bargoed