Recently asked questions relating to Hengoed leasehold conveyancing
Expecting to complete next month on a ground floor flat in Hengoed. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Hengoed should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Hengoed. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hengoed ?
The majority of houses in Hengoed are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Hengoed in which case you should be shopping around for a Hengoed conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.
My wife and I purchased a leasehold flat in Hengoed. Conveyancing and Nottingham Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Hengoed who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Hengoed conveyancing lawyer to do this as it can be done on-line for a few pound. You should note 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 work for a long established estate agent office in Hengoed where we see a few flat sales jeopardised due to short leases. I have received conflicting advice from local Hengoed conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you provide any top tips for leasehold conveyancing in Hengoed from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Hengoed can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers representatives.
- The majority freeholders or Management Companies in Hengoed charge for providing 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 on or before finding 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 Hengoed.
I am the registered owner of a ground floor flat in Hengoed, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Hengoed with over 90 years remaining are worth £215,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2087
With 65 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure 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 the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.