Fixed-fee leasehold conveyancing in Cardigan:

Leasehold conveyancing in Cardigan is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Cardigan and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Cardigan leasehold conveyancing: Q and A’s

I have recently realised that I have Fifty years left on my lease in Cardigan. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. On the whole a specialist would be helpful to try and locate and to produce an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Cardigan.

I have just appointed agents to market my garden apartment in Cardigan.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a couple of flats in Cardigan both have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Cardigan is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive 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 Cardigan 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Do you have any top tips for leasehold conveyancing in Cardigan with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Cardigan can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
  • Many landlords or managing agents in Cardigan charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Cardigan.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Cardigan state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. If you dont have the consents in place do not contact the landlord without contacting your conveyancer in advance.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to pay 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming process and frustrates many a Cardigan conveyancing transaction. Where a reissued share is required, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

  • All being well we will complete our sale of a £150000 flat in Cardigan next Wednesday . The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Cardigan?

    For the majority of leasehold sales in Cardigan conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering pre-exchange questions
    • Where consent is required before sale in Cardigan
    • 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 Cardigan leasehold premises is £350. For Cardigan 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 provide the information.

    Leasehold Conveyancing in Cardigan - A selection of Queries before Purchasing

      This information is useful as a) areas may cause problems in the block as the communal areas may begin to deteriorate if repairs are not paid for b) if the leasehold owners have an issue with the running of the building you will need to have all the details If a Cardigan lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. For most Cardiganlease extensions you would need to own the residence for two years before you are entitled to carry out a lease extension. What is the name of the managing agents?

    Other Topics

    Lease Extensions in Cardigan