Top Five Questions relating to Colwyn Bay leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Colwyn Bay. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Colwyn Bay - 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.
My wife and I may need to let out our Colwyn Bay garden flat for a while due to a career opportunity. We instructed a Colwyn Bay conveyancing practice in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Colwyn Bay conveyancing lawyer is not around you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you need to seek consent from your landlord or some other party before subletting. This means that you cannot sublet without first obtaining consent. The consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I’m about to sell my 2 bed flat in Colwyn Bay.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge 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 managing agents will not acknowledge the buyer unless 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 am attracted to a two apartments in Colwyn Bay both have in the region of 50 years remaining on the lease term. should I be concerned?
There are plenty of short leases in Colwyn Bay. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold flat in Colwyn Bay. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Colwyn Bay Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
What is the the remaining lease term?
How much is the service charge and ground rent on the flat?
Where a Colwyn Bay lease has fewer than eighty years it will impact the value of the property. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would need to own the property for 24 months before you are eligible to extend the lease.