Experts for Leasehold Conveyancing in Bedwas

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Sample questions relating to Bedwas leasehold conveyancing

I am tempted by the attractive purchase price for a couple of maisonettes in Bedwas which have in the region of fifty years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

What advice can you give us when it comes to choosing a Bedwas conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Bedwas conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Bedwas conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • How familiar is the practice with lease extension legislation?
  • What volume of lease extensions have they completed in Bedwas in the last 12 months?

  • Can you provide any top tips for leasehold conveyancing in Bedwas with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Bedwas can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers.
    • The majority freeholders or Management Companies in Bedwas levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Bedwas.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Bedwas state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer first.
  • If there is a history of 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 concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Arranging a replacement share certificate is often a time consuming formality and frustrates many a Bedwas conveyancing deal. If a new share is needed, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325000 flat in Bedwas next week. The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Bedwas?

    Bedwas conveyancing on leasehold flats nine out of ten times necessitates administration charges raised by freeholders :

    • Answering pre-contract enquiries
    • Where consent is required before sale in Bedwas
    • Supplying insurance information
    • 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 Bedwas leasehold property is £350. For Bedwas 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 obliged to provide answers.

    What are the common problems that you encounter in leases for Bedwas properties?

    There is nothing unique about leasehold conveyancing in Bedwas. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • 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

    You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Virgin Money, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

    Leasehold Conveyancing in Bedwas - A selection of Queries Prior to Purchasing

      What prohibitions are contained in the Bedwas Lease? How many years remain on the lease? Who manages the block?

    Other Topics

    Lease Extensions in Bedwas