Colwyn Bay leasehold conveyancing Example Support Desk Enquiries
Jane (my partner) and I may need to let out our Colwyn Bay ground floor flat for a while due to a new job. We instructed a Colwyn Bay conveyancing firm in 2002 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Notwithstanding that your last Colwyn Bay conveyancing solicitor is no longer around you can review your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or other appropriate person prior to subletting. This means that you cannot sublet in the absence of first obtaining permission. Such consent must not not be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord for their consent.
I've recently bought a leasehold property in Colwyn Bay. Do I have any liability for service charges for periods before completion of my purchase?
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).
Can you provide any top tips for leasehold conveyancing in Colwyn Bay with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Colwyn Bay can be avoided if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
- If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Colwyn Bay state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. If you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer in the first instance.
Completion in due on the disposal of our £400000 maisonette in Colwyn Bay in just under a week. The landlords agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Colwyn Bay?
Colwyn Bay conveyancing on leasehold flats usually requires the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
In relation to leasehold conveyancing in Colwyn Bay what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Colwyn Bay. Most leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I am the registered owner of a 1st floor flat in Colwyn Bay, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Colwyn Bay with over 90 years remaining are worth £188,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2100
With 78 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.