Due to exchange soon on a ground floor flat in Llanfechain. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Llanfechain should include some of the following:

• You should receive a copy of the lease

Estate agents have just been given the go-ahead to market my garden flat in Llanfechain.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – 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 unless 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 attracted to a two maisonettes in Llanfechain which have approximately forty five years left on the leases. Will this present a problem?

There are plenty of short leases in Llanfechain. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Llanfechain. 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 lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).

If all goes to plan we aim to complete our sale of a £450000 apartment in Llanfechain in just under a week. The managing agents has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Llanfechain?

Llanfechain conveyancing on leasehold flats usually involves the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty invoice a reasonable administration fee 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 cases it is in excess of £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded should you wish to complete the sale of your home.

Llanfechain Conveyancing for Leasehold Flats - Examples of Queries before buying

How is the lease structured? It would be sensible to discover as much as you can concerning the managing agents as they can either make your living at the property much simpler or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of other people if they are happy with them. Finally, find out the dates that the maintenance fees are due to the appropriate party and specifically what it includes. Please note if it is less than eighty years it will impact the value of the apartment. Check with your lender that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. For most Llanfechainlease extensions you will be be obliged to have been the owner of the property for a couple of years in order to be legally able to exercise a lease extension.

Other Topics

Lease Extensions in Llanfechain