I’m about to sell my ground floor flat in Beddgelert.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Beddgelert. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Beddgelert are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Beddgelert so you should seriously consider looking for a Beddgelert conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am attracted to a couple of flats in Beddgelert both have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Beddgelert. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

Can you provide any top tips for leasehold conveyancing in Beddgelert with the intention of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Beddgelert can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers representatives.
• The majority freeholders or Management Companies in Beddgelert charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Beddgelert.

A minority of Beddgelert leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 buyers or their lawyers.

If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Arranging a duplicate share certificate can be a lengthy formality and slows down many a Beddgelert home move. If a duplicate share is needed, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.

You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

Completion in due on the sale of our £200000 flat in Beddgelert next week. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Beddgelert?

Beddgelert conveyancing on leasehold maisonettes normally necessitates fees being invoiced by managing agents :

• Addressing pre-exchange questions
• Where consent is required before sale in Beddgelert
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Beddgelert leasehold property is £350. For Beddgelert conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

I own a studio flat in Beddgelert, conveyancing was carried out in 1999. How much will my lease extension cost? Equivalent flats in Beddgelert with a long lease are worth £198,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2104

With only 79 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Beddgelert