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Examples of recent questions relating to leasehold conveyancing in Gwernaffield

I’m about to sell my ground floor apartment in Gwernaffield.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 discharge the invoice 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Gwernaffield. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Gwernaffield are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Gwernaffield in which case you should be shopping around for a Gwernaffield conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.

What are your top tips when it comes to choosing a Gwernaffield conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Gwernaffield conveyancing firm) it is essential 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 Gwernaffield conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • How familiar is the practice with lease extension legislation?
  • If they are not ALEP accredited then why not?

    • Can you provide any top tips for leasehold conveyancing in Gwernaffield from the perspective of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Gwernaffield can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • Some Gwernaffield leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Organising a duplicate share certificate can be a lengthy formality and slows down many a Gwernaffield home move. Where a reissued share certificate is necessary, do contact the company officers or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • We expect to complete the sale of our £400000 apartment in Gwernaffield next Thursday . The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Gwernaffield?

    Gwernaffield conveyancing on leasehold apartments usually requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    I own a 1 bedroom flat in Gwernaffield, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Gwernaffield with a long lease are worth £241,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2089

    With 64 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Gwernaffield