Quality lawyers for Leasehold Conveyancing in Cardiff Bay

Get a Quote

Looking for a solicitor for leasehold conveyancing in Cardiff Bay on your lender’s panel? Make use of our search tool to find quality local Cardiff Bay conveyancing practitioners or nationwide solicitors on your lender’s panel .

Examples of recent questions relating to leasehold conveyancing in Cardiff Bay

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Cardiff Bay. Conveyancing advisers have are about 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 rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Cardiff Bay in which case you should be looking for a Cardiff Bay conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Cardiff Bay both have approximately fifty years left on the leases. should I be concerned?

There is no doubt 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 its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with under 75 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 premises 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 premises 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I am employed by a busy estate agency in Cardiff Bay where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Cardiff Bay conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Do you have any top tips for leasehold conveyancing in Cardiff Bay with the purpose of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Cardiff Bay can be reduced if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
  • Many freeholders or Management Companies in Cardiff Bay levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought 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 frequent reason for frustration in leasehold conveyancing in Cardiff Bay.
  • 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 Cardiff Bay state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the paperwork in place you should not communicate with the landlord without checking with your conveyancer in advance.
  • Some Cardiff Bay leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Arranging a re-issued share certificate can be a time consuming formality and frustrates many a Cardiff Bay home move. If a duplicate share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

    • 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 is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • 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

    You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, 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 defective they may refuse to grant the mortgage, forcing the buyer to pull out.

    Cardiff Bay Leasehold Conveyancing - A selection of Queries before buying

      It would be sensible to discover as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to every day matters like the tidiness of the communal areas. Ask other tenants what they think of their management. On a final note, find out the dates that the service charges are due to the appropriate party and specifically how they are spending the funds. The answer will be useful as a) areas could cause problems in the block as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have a dispute with the running of the building you will wish to know about it Does the lease have more than 80 years unexpired?

    Other Topics

    Lease Extensions in Cardiff Bay