Fixed-fee leasehold conveyancing in Menai Bridge:

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Leasehold conveyancing in Menai Bridge 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 Menai Bridge and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Menai Bridge leasehold conveyancing Example Support Desk Enquiries

I am in need of some leasehold conveyancing in Menai Bridge. Before I get started I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Menai Bridge - then the leasehold title will always include the basic details 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 am attracted to a couple of apartments in Menai Bridge both have in the region of 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Menai Bridge. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold house in Menai Bridge. Am I liable to pay service charges relating to a period prior to my ownership?

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. Strange as it may seem, 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 advice for leasehold conveyancing in Menai Bridge with the purpose of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Menai Bridge can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Menai Bridge charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Menai Bridge.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Menai Bridge leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you fail to have the approvals to hand you should not communicate with the landlord without checking with your lawyer in the first instance.
  • Some Menai Bridge leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any 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 buyers or their lawyers.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • In relation to leasehold conveyancing in Menai Bridge what are the most frequent lease defects?

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

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • 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 as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Menai Bridge Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

      Are there any major works in the near future that could increase the maintenance charges? You will want to discover as much as possible regarding the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the cleanliness of the common parts. Ask other people what they think of them. Finally, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes. Is there a share of the freehold?

    Other Topics

    Lease Extensions in Menai Bridge