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

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Recently asked questions relating to Nantyglo leasehold conveyancing

Back In 2008, I bought a leasehold house in Nantyglo. Conveyancing and Chelsea Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Nantyglo who previously acted has now retired.Do I pay?

First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Nantyglo conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of flats in Nantyglo which have about fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Nantyglo is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and banks, leases with under eighty years become less and less marketable. 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 property 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 premises 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 Nantyglo 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 any new 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.

Can you offer any advice when it comes to appointing a Nantyglo conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Nantyglo conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Nantyglo conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

  • How experienced is the practice with lease extension legislation?
  • What volume of lease extensions has the firm carried out in Nantyglo in the last twenty four months?

  • Completion in due on the disposal of our £375000 flat in Nantyglo in just under a week. The freeholder has quoted £324 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Nantyglo?

    Nantyglo conveyancing on leasehold flats normally requires the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    What makes a Nantyglo lease defective?

    Leasehold conveyancing in Nantyglo is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • 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

    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. Santander, 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 does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    I acquired a garden flat in Nantyglo, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Nantyglo with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2092

    With only 70 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Nantyglo