Top Five Questions relating to Glan Conwy leasehold conveyancing
I am hoping to exchange soon on a leasehold property in Glan Conwy. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Glan Conwy should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Glan Conwy. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Glan Conwy ?
The majority of houses in Glan Conwy are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Glan Conwy in which case you should be looking for a Glan Conwy conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.
I own a leasehold house in Glan Conwy. Conveyancing and Bank of Scotland mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Glan Conwy who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Glan Conwy conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a two maisonettes in Glan Conwy which have approximately fifty years left on the lease term. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Can you offer any advice when it comes to finding a Glan Conwy conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Glan Conwy conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Glan Conwy conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Glan Conwy Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
How is the lease structured?
The best form of lease structure is where the freehold title is in the ownership of the leaseholders. In this scenario the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders.
The majority of Glan Conwy leasehold properties will have a service bill for maintenance of the block set on behalf of the management company. If you acquire the flat you will have to pay this amount, normally periodically during the year. This may vary 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 ground rent to be met yearly, this is usually not a large amount, say around £25-£75 but you need to enquire as occasionally it can be surprisingly expensive.