Questions and Answers: Mold leasehold conveyancing
Looking forward to exchange soon on a ground floor flat in Mold. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Mold should include some of the following:
- The physical extent of the property. This will be the property itself but might include a loft or cellar if appropriate.
Estate agents have just been given the go-ahead to market my garden flat in Mold.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 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.
Last month I purchased a leasehold flat in Mold. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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 be sure 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).
What are your top tips when it comes to appointing a Mold conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Mold conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Mold conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Mold with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Mold can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Mold leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you dont have the consents in place do not communicate with the landlord without checking with your solicitor before hand.
I bought a split level flat in Mold, conveyancing formalities finalised in 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Mold with a long lease are worth £200,000. The ground rent is £65 yearly. The lease expires on 21st October 2089
With 68 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.