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Llanbedr leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Llanbedr. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and most are in Llanbedr - then the leasehold title will always include the basic details 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 today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Llanbedr. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Llanbedr are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Llanbedr in which case you should be looking for a Llanbedr 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 number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining 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 located on an estate. Your solicitor should appraise you on the various issues.

My wife and I purchased a leasehold flat in Llanbedr. Conveyancing and Yorkshire Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Llanbedr who previously acted has long since retired.What should I do?

The first thing you should do is contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Llanbedr conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Can you provide any top tips for leasehold conveyancing in Llanbedr with the purpose of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Llanbedr can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Llanbedr state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Where you fail to have the consents in place do not contact the landlord without contacting your solicitor first.
  • Some Llanbedr leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 buyers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Obtaining a re-issued share certificate is often a time consuming process and frustrates many a Llanbedr home move. If a new share is required, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Llanbedr lease problematic?

    Leasehold conveyancing in Llanbedr is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Nottingham Building Society all have very detailed 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 grant the mortgage, obliging the purchaser to withdraw.

    Llanbedr Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

      Does the lease have onerous restrictions? Is anyone aware of any major works on the horizon that will likely add a premium to the service fees? How many of the leaseholders are in arrears for their service charge payments?

    Other Topics

    Lease Extensions in Llanbedr