Leasehold Conveyancing in Morfa Nefyn - Get a Quote from the leasehold experts approved by your lender

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Recently asked questions relating to Morfa Nefyn leasehold conveyancing

I am on look out for some leasehold conveyancing in Morfa Nefyn. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and most are in Morfa Nefyn - 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.

My wife and I purchased a leasehold flat in Morfa Nefyn. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Morfa Nefyn who previously acted has long since retired.Do I pay?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Morfa Nefyn conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

What are your top tips when it comes to finding a Morfa Nefyn conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Morfa Nefyn conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Morfa Nefyn conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • Can they put you in touch with client in Morfa Nefyn who can give a testimonial?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Morfa Nefyn from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Morfa Nefyn can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Morfa Nefyn state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the consents to hand you should not communicate with the landlord without contacting your solicitor in advance.
  • Some Morfa Nefyn leases require Licence to Assign from the landlord. 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 yearly 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 lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a re-issued share certificate can be a lengthy formality and frustrates many a Morfa Nefyn home move. If a reissued share certificate is needed, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. In the circumstances it is essential 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.

    • What are the frequently found deficiencies that you witness in leases for Morfa Nefyn properties?

    Leasehold conveyancing in Morfa Nefyn is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Morfa Nefyn Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

      Please note that where the lease has no more than eighty years it will impact the value of the flat. It is worth checking with your lender that they are content with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have owned the premises for 24 months before you are legally able to extend the lease. Is there a share of the freehold? Are any of leasehold owners in arrears of their service charge payments?

    Other Topics

    Lease Extensions in Morfa Nefyn