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Nannerch leasehold conveyancing: Q and A’s

I’m about to sell my basement apartment in Nannerch.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – Do I pay up?

It best that you clear 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.

I am attracted to a two apartments in Nannerch which have about forty five years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Nannerch is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat 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 property 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 Nannerch conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.

I've recently bought a leasehold house in Nannerch. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee 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. A critical element 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 advice can you give us when it comes to appointing a Nannerch conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Nannerch conveyancing practice) it is imperative 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 Nannerch conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Nannerch who can give a testimonial?

  • What makes a Nannerch lease problematic?

    Leasehold conveyancing in Nannerch is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

    • 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

    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. Accord Mortgages Ltd, Chelsea Building Society, and TSB all have express 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 provide security, obliging the purchaser to withdraw.

    I bought a leasehold flat in Nannerch, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Nannerch with a long lease are worth £235,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2098

    With 76 years unexpired we estimate the premium for your lease extension to range between £10,500 and £12,000 as well as legals.

    The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Nannerch