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

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Frequently asked questions relating to Cardiff Bay leasehold conveyancing

I am in need of some leasehold conveyancing in Cardiff Bay. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Cardiff Bay - 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.

What are your top tips when it comes to appointing a Cardiff Bay conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Cardiff Bay conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Cardiff Bay conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Cardiff Bay who can give a testimonial?

  • Can you provide any advice for leasehold conveyancing in Cardiff Bay from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Cardiff Bay can be bypassed if you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
    • Many freeholders or managing agents in Cardiff Bay charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for 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 frequent cause of delay in leasehold conveyancing in Cardiff Bay.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Cardiff Bay leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Where you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer first.
  • A minority of Cardiff Bay leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • All being well we will complete our sale of a £325000 maisonette in Cardiff Bay on Friday in a week. The landlords agents has quoted £348 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Cardiff Bay?

    Cardiff Bay conveyancing on leasehold maisonettes nine out of ten times results in administration charges levied by management companies :

    • Completing conveyancing due diligence questions
    • Where consent is required before sale in Cardiff Bay
    • 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 Cardiff Bay leasehold property is £350. For Cardiff Bay 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 supply answers.

    What makes a Cardiff Bay lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Cardiff Bay. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • A duty to insure the building
    • 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

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Barnsley Building Society, 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 problematic they may refuse to provide security, obliging the buyer to withdraw.

    I inherited a basement flat in Cardiff Bay, 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 Cardiff Bay with over 90 years remaining are worth £231,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2082

    With 61 years left to run the likely cost is going to span between £20,000 and £23,000 as well as 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 a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Cardiff Bay