Leasehold Conveyancing in Haverfordwest - Get a Quote from the leasehold experts approved by your lender

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When it comes to leasehold conveyancing in Haverfordwest, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Halifax, RBS or NatWest be sure to choose a lawyer on their panel. Find a Haverfordwest conveyancing lawyer with our search tool

Common questions relating to Haverfordwest leasehold conveyancing

I am on look out for some leasehold conveyancing in Haverfordwest. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and almost all are in Haverfordwest - 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 attracted to a two apartments in Haverfordwest which have about forty five years unexpired on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold property in Haverfordwest. Am I liable to pay service charges for periods before completion of my purchase?

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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 are your top tips when it comes to choosing a Haverfordwest conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Haverfordwest conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Haverfordwest conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • If they are not ALEP accredited then what is the reason?
  • What are the costs for lease extension work?

    • Do you have any advice for leasehold conveyancing in Haverfordwest from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Haverfordwest can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
    • Many freeholders or Management Companies in Haverfordwest charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Haverfordwest.
  • Some Haverfordwest 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 yearly 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 lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to 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 present the dispute as historic as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I bought a 2 bed flat in Haverfordwest, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Corresponding flats in Haverfordwest with an extended lease are worth £236,000. The ground rent is £55 levied per year. The lease expires on 21st October 2089

    You have 64 years remaining on your lease we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Haverfordwest