I am hoping to sign contracts shortly on a basement flat in Llangefni. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years

I have just started marketing my 2 bed apartment in Llangefni.Conveyancing has not commenced 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 discharge 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 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 attracted to a couple of maisonettes in Llangefni 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 plenty of short leases in Llangefni. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Can you offer any advice when it comes to finding a Llangefni conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Llangefni conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Llangefni conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• If they are not ALEP accredited then what is the reason?

In relation to leasehold conveyancing in Llangefni what are the most common lease defects?

Leasehold conveyancing in Llangefni is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I purchased a 1st floor flat in Llangefni, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Llangefni with a long lease are worth £236,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2096

With just 71 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Llangefni