Examples of recent questions relating to leasehold conveyancing in Llanrwst
I am in need of some leasehold conveyancing in Llanrwst. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Llanrwst - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Llanrwst. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Llanrwst are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Llanrwst in which case you should be looking for a Llanrwst conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I've recently bought a leasehold flat in Llanrwst. Am I liable to pay service charges for periods before my ownership?
In a situation 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. A critical element 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).
I work for a busy estate agent office in Llanrwst where we see a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Llanrwst conveyancing solicitors. Can you clarify whether the owner of a flat can commence the lease extension process for the buyer?
Provided that 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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.
What advice can you give us when it comes to choosing a Llanrwst conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Llanrwst conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Llanrwst conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- What volume of lease extensions has the firm carried out in Llanrwst in the last twenty four months?
Llanrwst Leasehold Conveyancing - Sample of Queries before buying
You should be aware if it is fewer than 80 years it will affect the value of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you will be required to have owned the premises for 24 months in order to be eligible to exercise a lease extension.
In the main the outlay for major works tend not to be included within service charges, although a few managing agents in Llanrwst require leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for larger works.
Plenty Llanrwst leasehold apartments will be liable to pay a service bill for the upkeep of the block invoiced on behalf of the landlord. Where you buy the flat you will have to pay this charge, normally periodically during the year. This may be anything from several hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met yearly, ordinarily this is not a exorbitant amount, say around £50-£100 but you should to check it because sometimes it can be many hundreds of pounds.