Dulas and Nebo leasehold conveyancing: Q and A’s
Looking forward to complete next month on a leasehold property in Dulas and Nebo. Conveyancing solicitors inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Dulas and Nebo should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I’m about to sell my basement apartment in Dulas and Nebo.Conveyancing has not commenced but I have just received a yearly maintenance charge invoice – what should I do?
The sensible thing to do is pay 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 hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Dulas and Nebo. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Dulas and Nebo ?
Most houses in Dulas and Nebo are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Dulas and Nebo so you should seriously consider looking for a Dulas and Nebo conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I am looking at a couple of apartments in Dulas and Nebo both have in the region of fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
I work for a busy estate agent office in Dulas and Nebo where we have experienced a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Dulas and Nebo conveyancing firms. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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 buyer 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 simultaneously with completion of the disposal of the property.
An alternative approach is 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.
I am the registered owner of a studio flat in Dulas and Nebo, conveyancing having been completed in 2001. Can you work out an approximate cost of a lease extension? Comparable properties in Dulas and Nebo with over 90 years remaining are worth £233,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2088
With just 63 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
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