Ebbw Vale leasehold conveyancing Example Support Desk Enquiries
Expecting to exchange soon on a leasehold property in Ebbw Vale. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Ebbw Vale should include some of the following:
- Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease provide for a right of way over a path or hallways?
I am looking at a two flats in Ebbw Vale both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Ebbw Vale. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area
I've recently bought a leasehold house in Ebbw Vale. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
I am a negotiator for a busy estate agency in Ebbw Vale where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Ebbw Vale conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process 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 kick-start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 purchaser.
Completion in due on the sale of our £400000 maisonette in Ebbw Vale on Monday in a week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Ebbw Vale?
Ebbw Vale conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.
Leasehold Conveyancing in Ebbw Vale - Sample of Queries before buying
Many Ebbw Vale leasehold flats will have a service bill for the upkeep of the block set on behalf of the management company. If you purchase the flat you will have to pay this contribution, normally quarterly throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a exorbitant figure, say about £50-£100 but you need to check as occasionally it could be surprisingly expensive.
It is important to be aware whether fixing the lift or some other significant cost is due in the near future that will be shared amongst the leasehold owners and will materially increase the the maintenance fees or necessitate a specific invoice.
The best form of lease structure is a share of the freehold. In this arrangement the leaseholders enjoy being in charge if their destiny and although a managing agent is usually retained where it is bigger than a house conversion, the managing agent is directed by the tenants.