Guaranteed fixed fees for Leasehold Conveyancing in Llandudno

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When it comes to leasehold conveyancing in Llandudno, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, Yorkshire Building Society or Bradford & Bingley be sure to choose a lawyer on their panel. Find a Llandudno conveyancing lawyer with our search tool

Questions and Answers: Llandudno leasehold conveyancing

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

If the lease is registered - and 99.9% are in Llandudno - 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 am hoping to sign contracts shortly on a leasehold property in Llandudno. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Llandudno should include some of the following:

  • The total extent of the property. This will be the apartment itself but may incorporate a roof space or cellar if applicable.
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be contained in your report on your leasehold property in Llandudno please enquire of your conveyancer in ahead of your conveyancing in Llandudno

    • I am tempted by the attractive purchase price for a two apartments in Llandudno which have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold flat in Llandudno is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Llandudno conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    I am employed by a busy estate agency in Llandudno where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Llandudno conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 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 disposal of the property.

    An alternative approach is 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.

    Can you provide any top tips for leasehold conveyancing in Llandudno from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Llandudno can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Llandudno state that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the approvals in place do not contact the landlord without contacting your lawyer first.
  • Some Llandudno leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Arranging a duplicate share certificate can be a time consuming formality and slows down many a Llandudno conveyancing transaction. If a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Llandudno Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

      It would be prudent to find out as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the communal areas. You should not be shy to ask prospective neighbours what they think of their management. On a final note, find out the dates that the maintenance fees are due to the managing agents and precisely what it includes. In the main the cost for major works are not incorporated into the service charges, albeit that some managing agents in Llandudno ask tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance. Does the lease include onerous restrictions?

    Other Topics

    Lease Extensions in Llandudno