Questions and Answers: Llandaff leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Llandaff. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Llandaff - 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’m about to sell my 2 bed apartment in Llandaff.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you 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 hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Llandaff. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Llandaff are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Llandaff in which case you should be looking for a Llandaff conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in Llandaff with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Llandaff can be avoided where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Llandaff state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you fail to have the approvals in place do not contact the landlord without contacting your lawyer first.
What are the frequently found problems that you witness in leases for Llandaff properties?
There is nothing unique about leasehold conveyancing in Llandaff. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- 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
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I invested in buying a split level flat in Llandaff, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Llandaff with an extended lease are worth £167,000. The average or mid-range amount of ground rent is £60 levied per year. The lease runs out on 21st October 2094
With only 73 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.