Sample questions relating to Llandudno leasehold conveyancing
I've recently bought a leasehold house in Llandudno. Do I have any liability for service charges for periods before completion of my purchase?
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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
What advice can you give us when it comes to choosing a Llandudno conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Llandudno conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Llandudno conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How many lease extensions has the firm conducted in Llandudno in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Llandudno from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Llandudno can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed 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? Llandudno leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. Where you dont have the consents in place do not contact the landlord without contacting your solicitor before hand.
Completion in due on the disposal of our £175000 maisonette in Llandudno next Thursday . The management company has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Llandudno?
Llandudno conveyancing on leasehold maisonettes usually requires the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Llandudno what are the most frequent lease defects?
Leasehold conveyancing in Llandudno is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could encounter difficulties 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, Bank of Scotland, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I purchased a garden flat in Llandudno, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Llandudno with over 90 years remaining are worth £269,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2094
With 70 years unexpired we estimate the price of your lease extension to range between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.