I am in need of some leasehold conveyancing in Machynlleth. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Machynlleth - 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.

Expecting to complete next month on a leasehold property in Machynlleth. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Machynlleth 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 the 80 year mark

The total extent of the premises. This will be the flat itself but may include a loft or cellar if applicable.

Do you need to have carpet in the flat or are you allowed wood flooring?

Ground rent - how much and when you need to pay, and also know whether this is subject to change

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Whether your lease has a provision for a reserve fund?

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be included in your report on your leasehold property in Machynlleth please enquire of your conveyancer in advance of your conveyancing in Machynlleth

I've recently bought a leasehold flat in Machynlleth. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, 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).

Do you have any top tips for leasehold conveyancing in Machynlleth with the intention of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Machynlleth can be reduced if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
• Many landlords or Management Companies in Machynlleth charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Machynlleth.

In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Machynlleth leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the paperwork to hand you should not communicate with the landlord without checking with your solicitor before hand.

Some Machynlleth leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.

If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 buyers, but it is better to reveal the dispute as over rather than unresolved.

If all goes to plan we aim to complete our sale of a £300000 maisonette in Machynlleth in just under a week. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Machynlleth?

For most leasehold sales in Machynlleth conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-exchange questions
• Where consent is required before sale in Machynlleth
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Machynlleth leasehold premises is £350. For Machynlleth conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

Leasehold Conveyancing in Machynlleth - A selection of Questions you should consider Prior to buying

Best to be warned whether window replacement or some other major work is coming up that will be shared between the tenants and will materially impact the level of the maintenance charges or necessitate a one off payment. You should be aware if it is fewer than 80 years it will have adverse implications on the salability of the apartment. It is worth checking with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering what this will be. For most Machynllethlease extensions you will need to own the premises for a couple of years in order to be eligible to extend the lease. The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the lessees enjoy being in charge if their destiny and although a managing agent is usually retained if it is bigger than a house conversion, the managing agent employed by the leaseholders.

Other Topics

Lease Extensions in Machynlleth