Fixed-fee leasehold conveyancing in Borth Y Gest:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Borth Y Gest, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Borth Y Gest leasehold conveyancing: Q and A’s

Having had my offer accepted I require leasehold conveyancing in Borth Y Gest. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Borth Y Gest - 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.

Due to complete next month on a studio apartment in Borth Y Gest. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

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

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Setting out your legal entitlements in respect of the communal areas in the block.By way of example, does the lease grant a right of way over a path or hallways?
  • You should be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Borth Y Gest please ask your lawyer in ahead of your conveyancing in Borth Y Gest

    • I've recently bought a leasehold property in Borth Y Gest. Am I liable to pay service charges for periods before completion of my purchase?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    I am a negotiator for a busy estate agency in Borth Y Gest where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Borth Y Gest conveyancing firms. Could you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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.

    Can you offer any advice when it comes to appointing a Borth Y Gest conveyancing firm to deal with our lease extension?

    When appointing a conveyancer for lease extension works (regardless if they are a Borth Y Gest conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Borth Y Gest conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • If the firm is not ALEP accredited then why not?
  • What volume of lease extensions has the firm conducted in Borth Y Gest in the last twenty four months?

    • I acquired a 1 bedroom flat in Borth Y Gest, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Borth Y Gest with an extended lease are worth £268,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2100

    With just 75 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 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 detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Borth Y Gest