Experts for Leasehold Conveyancing in Glan Conwy

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Frequently asked questions relating to Glan Conwy leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Glan Conwy. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and most are in Glan Conwy - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Estate agents have just been given the go-ahead to market my garden flat in Glan Conwy.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is clear 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 until 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've recently bought a leasehold flat in Glan Conwy. Am I liable to pay service charges for periods before my ownership?

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).

What advice can you give us when it comes to choosing a Glan Conwy conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Glan Conwy conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Glan Conwy conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • Can they put you in touch with client in Glan Conwy who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Glan Conwy from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Glan Conwy can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
    • Many freeholders or managing agents in Glan Conwy levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Glan Conwy.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Glan Conwy leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Where you dont have the paperwork in place you should not contact the landlord without contacting your lawyer in the first instance.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to 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 will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Obtaining a new share certificate can be a lengthy formality and delays many a Glan Conwy conveyancing transaction. If a duplicate share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • I invested in buying a 1st floor flat in Glan Conwy, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Glan Conwy with an extended lease are worth £172,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2086

    You have 61 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.

    The figure above 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 other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Glan Conwy