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 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.
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
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.