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Questions and Answers: Hengoed leasehold conveyancing

I am on look out for some leasehold conveyancing in Hengoed. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and most are in Hengoed - 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 complete next month on a ground floor flat in Hengoed. Conveyancing lawyers inform me that they will have a report out to me on Monday. 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
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • You need to be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Hengoed please ask your conveyancer in advance of your conveyancing in Hengoed

    • I am attracted to a couple of apartments in Hengoed which have in the region of forty five years unexpired on the leases. should I be concerned?

    A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

    Do you have any advice for leasehold conveyancing in Hengoed with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Hengoed can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
    • The majority freeholders or managing agents in Hengoed charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Hengoed.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Hengoed leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. If you fail to have the paperwork to hand do not communicate with the landlord without checking with your conveyancer in advance.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to 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 will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Organising a re-issued share certificate can be a lengthy process and slows down many a Hengoed home move. If a duplicate share is required, you should approach the company officers or managing agents (if relevant) for this as soon as possible.

    • What makes a Hengoed lease problematic?

    There is nothing unique about leasehold conveyancing in Hengoed. All leases are unique and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Norwich and Peterborough Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

    Leasehold Conveyancing in Hengoed - A selection of Queries before buying

      Many Hengoed leasehold flats will be liable to pay a service charge for maintenance of the building levied on behalf of the freeholder. Where you purchase the apartment you will have to pay this liability, normally quarterly during the year. This may differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent to be met yearly, ordinarily this is not a significant figure, say approximately £25-£75 but you should to check as sometimes it can be many hundreds of pounds. Is the freehold reversion owned jointly by the tenants? The answer will be useful as a) areas could result in problems for the block as the common areas may start to deteriorate if repairs remain unpaid b) if the tenants have a dispute with the running of the building you will need to know about it

    Other Topics

    Lease Extensions in Hengoed