Experts for Leasehold Conveyancing in Dinas Powys

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Leasehold conveyancing in Dinas Powys is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Dinas Powys and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Recently asked questions relating to Dinas Powys leasehold conveyancing

I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Dinas Powys. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Dinas Powys ?

The majority of houses in Dinas Powys are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Dinas Powys in which case you should be shopping around for a Dinas Powys conveyancing solicitor and be sure 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 entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.

I work for a reputable estate agency in Dinas Powys where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Dinas Powys conveyancing solicitors. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities 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 commence 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 appointing a Dinas Powys conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Dinas Powys conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Dinas Powys conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • What volume of lease extensions has the firm conducted in Dinas Powys in the last 12 months?
  • What are the costs for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Dinas Powys with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Dinas Powys can be reduced where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Dinas Powys state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor first.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle 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 details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a new share certificate can be a lengthy formality and frustrates many a Dinas Powys home move. If a new share is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • When it comes to leasehold conveyancing in Dinas Powys what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Dinas Powys. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • 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

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    I inherited a garden flat in Dinas Powys, conveyancing having been completed in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Dinas Powys with an extended lease are worth £173,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2094

    With 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Dinas Powys