Fixed-fee leasehold conveyancing in Llandudno:

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Sample questions relating to Llandudno leasehold conveyancing

I have just started marketing my ground floor apartment in Llandudno.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am a negotiator for a busy estate agency in Llandudno where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Llandudno conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What are your top tips when it comes to appointing a Llandudno conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Llandudno conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Llandudno conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • If the firm is not ALEP accredited then what is the reason?
  • What volume of lease extensions have they completed in Llandudno in the last year?

    • Can you provide any advice for leasehold conveyancing in Llandudno from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Llandudno can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
    • The majority freeholders or Management Companies in Llandudno charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Llandudno.
  • Some Llandudno leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or settle 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there common problems that you encounter in leases for Llandudno properties?

    Leasehold conveyancing in Llandudno is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • 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 will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Royal Bank of Scotland, and Clydesdale 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 buyer to pull out.

    I am the registered owner of a 2 bed flat in Llandudno, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Llandudno with an extended lease are worth £206,000. The ground rent is £65 levied per year. The lease expires on 21st October 2095

    With just 71 years unexpired the likely cost is going to range between £11,400 and £13,200 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Llandudno