Experts for Leasehold Conveyancing in Cardigan

Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Cardigan, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Cardigan leasehold conveyancing

I am on look out for some leasehold conveyancing in Cardigan. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Cardigan - 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.

I've found a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Cardigan. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Cardigan ?

The majority of houses in Cardigan are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Cardigan so you should seriously consider shopping around for a Cardigan conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

Back In 2006, I bought a leasehold flat in Cardigan. Conveyancing and Coventry Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Cardigan who acted for me is not around.Do I pay?

First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Cardigan conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

What are your top tips when it comes to appointing a Cardigan conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Cardigan conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Cardigan conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • How many lease extensions have they completed in Cardigan in the last 12 months?
  • Can they put you in touch with client in Cardigan who can give a testimonial?

  • What are the frequently found deficiencies that you see in leases for Cardigan properties?

    There is nothing unique about leasehold conveyancing in Cardigan. All leases is drafted differently and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter 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. HSBC Bank, Coventry Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    I purchased a split level flat in Cardigan, conveyancing having been completed in 1998. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Cardigan with over 90 years remaining are worth £226,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2079

    With only 56 years left to run we estimate the price of your lease extension to range between £25,700 and £29,600 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Cardigan