Quality lawyers for Leasehold Conveyancing in Colwyn Bay

While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Colwyn Bay, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Colwyn Bay leasehold conveyancing

My wife and I purchased a leasehold flat in Colwyn Bay. Conveyancing and National Westminster Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Colwyn Bay who acted for me is not around.What should I do?

The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Colwyn Bay conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a reputable estate agent office in Colwyn Bay where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Colwyn Bay conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the buyer?

Provided that 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. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 buyer.

What are your top tips when it comes to choosing a Colwyn Bay conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Colwyn Bay conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Colwyn Bay conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

  • Completion in due on the sale of our £300000 maisonette in Colwyn Bay next week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Colwyn Bay?

    For the majority of leasehold sales in Colwyn Bay conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Completing pre-exchange enquiries
    • Where consent is required before sale in Colwyn Bay
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Colwyn Bay leasehold property is £350. For Colwyn Bay conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

    In relation to leasehold conveyancing in Colwyn Bay what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Colwyn Bay. All leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • 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. Halifax, Skipton Building Society, and TSB all have express requirements 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 purchaser to pull out.

    Colwyn Bay Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

      Does the lease include onerous restrictions? It is important to be aware if a new roof is being put on or some other significant cost is anticipated that will be shared amongst the leasehold owners and will materially impact the level of the maintenance costs or require a one off invoice. On the whole the outlay for major works tend not to be included within service charges, although some managing agents in Colwyn Bay obliged leasehold owners to pay into a sinking fund and this is used to offset against larger repairs or maintenance.

    Other Topics

    Lease Extensions in Colwyn Bay