Recently asked questions relating to Glan Conwy leasehold conveyancing
I am in need of some leasehold conveyancing in Glan Conwy. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Glan Conwy. Conveyancing solicitors have are soon 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 and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Glan Conwy so you should seriously consider shopping around for a Glan Conwy conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
Last month I purchased a leasehold house in Glan Conwy. Do I have any liability for 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 lessee 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).
Can you offer any advice when it comes to finding a Glan Conwy conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Glan Conwy conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Glan Conwy conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How many lease extensions has the firm carried out in Glan Conwy in the last twenty four months?
Do you have any advice for leasehold conveyancing in Glan Conwy with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Glan Conwy can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
- Many freeholders or Management Companies in Glan Conwy levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought 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 frequent reason for delay in leasehold conveyancing in Glan Conwy.
Leasehold Conveyancing in Glan Conwy - Sample of Queries Prior to Purchasing
Please note if it is no more than eighty years it will impact the value of the property. It is worth checking with your mortgage company that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have been the owner of the residence for a couple of years in order to be entitled to exercise a lease extension.
Can you tell me if there are any major works anticipated that will increase the maintenance charges?
Its a good idea to find out as much as possible regarding the managing agents as they can either make your life much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily matters like the cleanliness of the common parts. You should not be shy to ask other tenants what they think of them. Finally, investigate as to the dates that the maintenance charges are due to the relevant party and specifically what you get for your money.