Quality lawyers for Leasehold Conveyancing in Cardiff Bay

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Cardiff Bay, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Cardiff Bay leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Cardiff Bay. Before diving in I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - 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.

Looking forward to complete next month on a ground floor flat in Cardiff Bay. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What options are open to you if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Cardiff Bay please enquire of your solicitor in advance of your conveyancing in Cardiff Bay

  • I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Cardiff Bay. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Cardiff Bay ?

    Most houses in Cardiff Bay are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Cardiff Bay so you should seriously consider looking for a Cardiff Bay conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

    I am tempted by the attractive purchase price for a couple of apartments in Cardiff Bay both have about fifty years left on the leases. Will this present a problem?

    There are no two ways about it. A leasehold flat in Cardiff Bay is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cardiff Bay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    When it comes to leasehold conveyancing in Cardiff Bay what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Cardiff Bay. Most leases are individual and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

    Cardiff Bay Leasehold Conveyancing - Examples of Questions you should ask Prior to buying

      You will want to discover as much as possible concerning the managing agents as they can either make your living at the property much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day issues like the tidiness of the common parts. Enquire of other people what they think of their management. In conclusion, be sure you understand the dates that the service fees are due to the managing agents and specifically how they are spending that money. This question is helpful as a) areas may cause problems in the building as the common areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to know about it Plenty Cardiff Bay leasehold apartments will be liable to pay a service charge for the upkeep of the block invoiced on behalf of the landlord. Where you purchase the apartment you will have to pay this liability, usually quarterly accross the year. This may be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge to be met yearly, ordinarily this is not a large figure, say around £50-£100 but you should to enquire as sometimes it can be surprisingly expensive.

    Other Topics

    Lease Extensions in Cardiff Bay