Fixed-fee leasehold conveyancing in Mold:

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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.
  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from renting out the property, or having a home office for business
  • Repair and maintenance of the flat
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For a comprehensive list of information to be included in your report on your leasehold property in Mold please ask your conveyancer in ahead of your conveyancing in Mold

    • 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?
  • What are the charges for lease extension conveyancing?

    • 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.
  • Some Mold leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (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 service charge figures 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 reluctant to purchase a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a new share certificate is often a time consuming process and delays many a Mold home move. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • 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.

    Other Topics

    Lease Extensions in Mold