I am in need of some leasehold conveyancing in Mancot. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Mancot - 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 have just appointed agents to market my 2 bed flat in Mancot.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you 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 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 looking at a two flats in Mancot which have in the region of fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Mancot is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mancot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £400000 maisonette in Mancot in six days. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Mancot?

Mancot conveyancing on leasehold flats usually requires the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

When it comes to leasehold conveyancing in Mancot what are the most common lease defects?

Leasehold conveyancing in Mancot is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

Mancot Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

The answer will be important as a) areas could result in problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to have all the details Can you tell me if there are any major works on the horizon that could add a premium to the service fees? The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees enjoy control and although a managing agent is frequently employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves.

Other Topics

Lease Extensions in Mancot