Leasehold Conveyancing in Caerleon - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Caerleon leasehold conveyancing

Due to sign contracts shortly on a leasehold property in Caerleon. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?

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

  • Are pets allowed in the flat?
  • 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 is subject to change
  • You should have a good understanding of the insurance provisions
  • 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.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Caerleon please ask your conveyancer in advance of your conveyancing in Caerleon

    • I’m about to sell my 2 bed apartment in Caerleon.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

    It best that you discharge 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 management companies 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. This will smooth the conveyancing process.

    My wife and I purchased a leasehold flat in Caerleon. Conveyancing and National Westminster Bank mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Caerleon who previously acted has now retired.Do I pay?

    First make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Caerleon conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    Do you have any top tips for leasehold conveyancing in Caerleon from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Caerleon can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • Many freeholders or Management Companies in Caerleon levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Caerleon.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Caerleon state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the consents in place you should not communicate with the landlord without checking with your solicitor in advance.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 clearly preferable to present the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What are the common deficiencies that you see in leases for Caerleon properties?

    There is nothing unique about leasehold conveyancing in Caerleon. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. 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 premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

    I acquired a 1 bedroom flat in Caerleon, conveyancing having been completed 2001. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Caerleon with an extended lease are worth £258,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2079

    With just 54 years left to run we estimate the price of your lease extension to range between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.

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

    Other Topics

    Lease Extensions in Caerleon