Sample questions relating to Llanelli leasehold conveyancing
I’m about to sell my 2 bed flat in Llanelli.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – what should I do?
The sensible thing to do is pay the invoice 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 management companies 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 looking at a two apartments in Llanelli which have in the region of forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
What advice can you give us when it comes to finding a Llanelli conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Llanelli conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Llanelli conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Llanelli with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Llanelli can be bypassed where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many freeholders or Management Companies in Llanelli levy fees for providing management packs for a leasehold premises. 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 average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Llanelli.
What are the common problems that you witness in leases for Llanelli properties?
There is nothing unique about leasehold conveyancing in Llanelli. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses 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 building
- Insurance obligations
- 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 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. Barclays , Barnsley Building Society, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
Llanelli Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
Plenty Llanelli leasehold flats will have a service charge for the upkeep of the building invoiced on behalf of the freeholder. Should you buy the property you will have to pay this charge, normally in instalments accross the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, ordinarily this is not a significant sum, say about £50-£100 but you should to check it because occasionally it could be many hundreds of pounds.
You should want to find out as much as possible regarding the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day issues like the tidiness of the common parts. You should not be shy to ask prospective neighbours if they are happy with their service. Finally, be sure you discover the dates that the service charges are due to the appropriate party and specifically how they are spending the funds.
Who are the managing agents?