Fixed-fee leasehold conveyancing in Llanberis:

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Top Five Questions relating to Llanberis leasehold conveyancing

I am intending to sublet my leasehold apartment in Llanberis. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A small minority of properties in Llanberis do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I’m about to sell my ground floor apartment in Llanberis.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – what should I do?

The sensible thing to do is pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a two apartments in Llanberis both have approximately forty five years unexpired on the leases. Do I need to be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

Last month I purchased a leasehold property in Llanberis. Do I have any liability for service charges relating to a period prior to my ownership?

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. A critical element 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 Llanberis with the purpose of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Llanberis can be avoided if you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
  • A minority of Llanberis leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you hold the original share document. Arranging a replacement share certificate is often a time consuming process and delays many a Llanberis home move. Where a new share is required, do contact the company director and secretary or managing agents (if applicable) 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 buyer’s lawyer will not be happy to advise their client to where the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I purchased a 1st floor flat in Llanberis, conveyancing having been completed in 2012. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Llanberis with over 90 years remaining are worth £258,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2091

    With 66 years left to run we estimate the price of your lease extension to range between £17,100 and £19,800 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Llanberis