Experts for Leasehold Conveyancing in Llanmartin

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Leasehold conveyancing in Llanmartin is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Llanmartin and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Recently asked questions relating to Llanmartin leasehold conveyancing

Estate agents have just been given the go-ahead to market my basement apartment in Llanmartin.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 tempted by the attractive purchase price for a couple of maisonettes in Llanmartin both have about forty five years remaining on the leases. should I be concerned?

There are plenty of short leases in Llanmartin. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I am employed by a busy estate agency in Llanmartin where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local Llanmartin conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. 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 buyer.

Can you provide any top tips for leasehold conveyancing in Llanmartin with the aim of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Llanmartin can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
  • The majority landlords or Management Companies in Llanmartin levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Llanmartin.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Llanmartin leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you dont have the approvals in place do not contact the landlord without contacting your conveyancer before hand.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Llanmartin home move. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.

    • Completion in due on the disposal of our £350000 apartment in Llanmartin next Wednesday . The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Llanmartin?

    Llanmartin conveyancing on leasehold flats more often than not involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the charge is technically not due. In reality one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

    Llanmartin Leasehold Conveyancing - Sample of Questions you should ask before buying

      Is the freehold owned jointly by the tenants? Where a Llanmartin lease has fewer than 80 years it will affect the value of the property. Check with your mortgage company that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and it is worth finding out what this would cost. For most Llanmartinlease extensions you would need to own the property for a couple of years before you are legally able to exercise a lease extension. The answer will be useful as a) areas could cause problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the leasehold owners have a dispute with the managing agents you will want to know about it

    Other Topics

    Lease Extensions in Llanmartin