Top Five Questions relating to Cardigan leasehold conveyancing
I am hoping to exchange soon on a ground floor flat in Cardigan. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Cardigan should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I own a leasehold house in Cardigan. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Cardigan who previously acted has long since retired.Any advice?
First contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to instruct a Cardigan conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Cardigan both have about forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Cardigan. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
I am a negotiator for a busy estate agent office in Cardigan where we see a few leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Cardigan conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Can you provide any advice for leasehold conveyancing in Cardigan from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cardigan can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- Many landlords or managing agents in Cardigan levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought 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 usual cause of delay in leasehold conveyancing in Cardigan.
Cardigan Leasehold Conveyancing - A selection of Queries Prior to buying
What is the the remaining lease term?
Be sure to find out if the the lease includes any onerous restrictions in the lease. For instance plenty of leases prohibit pets being permitted in certain buildings in Cardigan. If you like the flatin Cardigan yet your dog is not allowed to live with you then you will be faced difficult decision.
On the whole the outlay for major works are not included within service charges, albeit that some managing agents in Cardigan obliged tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance.