Experts for Leasehold Conveyancing in Chepstow

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Recently asked questions relating to Chepstow leasehold conveyancing

I have just started marketing my 2 bed apartment in Chepstow.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – what should I do?

It best that you pay the invoice 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 managing agents 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. This will smooth the conveyancing process.

I work for a busy estate agency in Chepstow where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Chepstow conveyancing firms. Please can you clarify 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

An alternative approach is 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.

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

When appointing a solicitor for lease extension works (regardless if they are a Chepstow conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Chepstow conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How many lease extensions have they carried out in Chepstow in the last twenty four months?
  • What are the charges for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Chepstow with the aim of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Chepstow can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
    • The majority freeholders or Management Companies in Chepstow levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Chepstow.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Chepstow leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you dont have the paperwork to hand do not contact the landlord without checking with your conveyancer before hand.
  • A minority of Chepstow 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 bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled.

    • Completion in due on the sale of our £200000 garden flat in Chepstow next Friday . The freeholder has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Chepstow?

    Chepstow conveyancing on leasehold apartments normally requires the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    Leasehold Conveyancing in Chepstow - A selection of Questions you should consider before buying

      What prohibitions are there in the Chepstow Lease? Plenty Chepstow leasehold properties will be liable to pay a service charge for maintenance of the building set on behalf of the landlord. Where you acquire the apartment you will have to pay this contribution, normally in instalments accross the year. This may differ from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a ground rent to be met annual, this is usually not a large figure, say approximately £25-£75 but you need to enquire as on occasion it could be prohibitively expensive. The best form of lease structure is a share of the freehold. In this scenario the leaseholders enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is larger than a house conversion, the managing agent is directed by the tenants.

    Other Topics

    Lease Extensions in Chepstow