Recently asked questions relating to Lisvane leasehold conveyancing
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Lisvane. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Lisvane ?
The majority of houses in Lisvane are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Lisvane so you should seriously consider shopping around for a Lisvane conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.
I am attracted to a couple of apartments in Lisvane both have approximately forty five years remaining on the leases. Will this present a problem?
There are plenty of short leases in Lisvane. The lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
I've recently bought a leasehold property in Lisvane. Am I liable to pay 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 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. 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).
Do you have any advice for leasehold conveyancing in Lisvane with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Lisvane can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Lisvane leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you dont have the consents to hand do not communicate with the landlord without checking with your conveyancer in the first instance.
All being well we will complete our sale of a £300000 flat in Lisvane next Wednesday . The freeholder has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Lisvane?
Lisvane conveyancing on leasehold flats often involves the purchaser’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.
I invested in buying a garden flat in Lisvane, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Lisvane with an extended lease are worth £166,000. The ground rent is £55 per annum. The lease runs out on 21st October 2078
With just 56 years left to run the likely cost is going to span between £25,700 and £29,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.