I am hoping to sign contracts shortly on a ground floor flat in Deganwy. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Deganwy should include some of the following:

• You should receive a copy of the lease

Defining your rights in respect of common areas in the block.E.G., does the lease contain a right of way over a path or staircase?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

What options are open to you if a neighbour breach a clause of their lease? For details of the information to be contained in your report on your leasehold property in Deganwy please enquire of your conveyancer in advance of your conveyancing in Deganwy

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Deganwy. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Deganwy ?

The majority of houses in Deganwy are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Deganwy in which case you should be shopping around for a Deganwy conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Deganwy which have about forty five years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Deganwy. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in Deganwy from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Deganwy can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
• Many freeholders or managing agents in Deganwy charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Deganwy.

A minority of Deganwy leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.

If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.

You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £425000 apartment in Deganwy in just under a week. The landlords agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Deganwy?

Deganwy conveyancing on leasehold flats ordinarily necessitates fees being raised by management companies :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Deganwy
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Deganwy leasehold property is £350. For Deganwy 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 provide answers.

Deganwy Leasehold Conveyancing - Sample of Queries before Purchasing

Please note that where the lease has no more than 80 years it will have adverse implications on the marketability of the property. Check with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth finding out what this will be. For most Deganwylease extensions you would need to own the premises for two years in order to be legally able to extend the lease. What is the service charge and ground rent on the apartment? This information is useful as a) areas may result in problems for the building as the common areas may begin to deteriorate where repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will want to know about it

Other Topics

Lease Extensions in Deganwy