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Common questions relating to Borth leasehold conveyancing

Due to exchange soon on a studio apartment in Borth. Conveyancing lawyers assured me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Borth should include some of the following:

  • Are pets allowed in the flat?
  • Does the lease prevent you from letting out the flat, or working from home
  • You must be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat For details of the information to be included in your report on your leasehold property in Borth please enquire of your lawyer in advance of your conveyancing in Borth

    • I have just started marketing my ground floor apartment in Borth.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – Do I pay up?

    The sensible thing to do is pay the invoice 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.

    My wife and I purchased a leasehold house in Borth. Conveyancing and The Mortgage Works mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Borth who previously acted has now retired.What should I do?

    First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Borth conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    What are your top tips when it comes to choosing a Borth conveyancing practice to carry out our lease extension conveyancing?

    When appointing a solicitor for lease extension works (regardless if they are a Borth conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Borth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

    • How familiar is the firm with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

    • Do you have any top tips for leasehold conveyancing in Borth with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Borth can be bypassed where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Borth leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without checking with your solicitor in advance.
  • A minority of Borth leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 buyers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than ongoing.
  • 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 buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I bought a 1st floor flat in Borth, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Borth with over 90 years remaining are worth £232,000. The ground rent is £50 per annum. The lease ends on 21st October 2094

    With 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Borth