Guaranteed fixed fees for Leasehold Conveyancing in Cardiff Bay

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Cardiff Bay leasehold conveyancing: Q and A’s

I am intending to rent out my leasehold flat in Cardiff Bay. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your previous Cardiff Bay conveyancing lawyer is not available you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must obtain permission from your landlord or other appropriate person prior to subletting. This means you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.

Expecting to exchange soon on a studio apartment in Cardiff Bay. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?

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

  • How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • The total extent of the property. This will be the property itself but could also include a loft or basement if appropriate.
  • Defining your legal entitlements in relation to the communal areas in the building.For example, does the lease permit a right of way over an accessway or hallways?
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • 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
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Cardiff Bay please enquire of your lawyer in advance of your conveyancing in Cardiff Bay

    • I've recently bought a leasehold property in Cardiff Bay. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

    What advice can you give us when it comes to choosing a Cardiff Bay conveyancing practice to deal with our lease extension?

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

    • If the firm is not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Cardiff Bay who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Cardiff Bay from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Cardiff Bay can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • Many freeholders or Management Companies in Cardiff Bay charge for providing management packs for a leasehold homes. 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 typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Cardiff Bay.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a new share certificate can be a time consuming formality and delays many a Cardiff Bay conveyancing transaction. If a reissued share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I own a 2 bed flat in Cardiff Bay, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Cardiff Bay with a long lease are worth £170,000. The ground rent is £50 yearly. The lease runs out on 21st October 2086

    You have 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. 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. Please do not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Cardiff Bay