Recently asked questions relating to Nannerch leasehold conveyancing
Due to sign contracts shortly on a garden flat in Nannerch. Conveyancing lawyers assured me that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Nannerch should include some of the following:
- You should receive a copy of the lease
I've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Nannerch. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Nannerch ?
The majority of houses in Nannerch are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Nannerch in which case you should be looking for a Nannerch conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
What are your top tips when it comes to finding a Nannerch conveyancing firm 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 most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Nannerch conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
Completion in due on the sale of our £350000 maisonette in Nannerch next week. The managing agents has quoted £324 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Nannerch?
Nannerch conveyancing on leasehold flats typically results in fees being raised by freeholders :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Nannerch
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found problems that you see in leases for Nannerch properties?
There is nothing unique about leasehold conveyancing in Nannerch. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. 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
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I purchased a ground floor flat in Nannerch, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Nannerch with over 90 years remaining are worth £182,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2102
You have 79 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.