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

If the lease is recorded at the land registry - and 99.9% are in Ogmore Vale - 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.

I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Ogmore Vale. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Ogmore Vale ?

Most houses in Ogmore Vale are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Ogmore Vale in which case you should be shopping around for a Ogmore Vale conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.

My wife and I purchased a leasehold flat in Ogmore Vale. Conveyancing and Clydesdale 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 1997. The conveyancing solicitor in Ogmore Vale who acted for me is not around.What should I do?

The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Ogmore Vale conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I've recently bought a leasehold flat in Ogmore Vale. Do I have any liability for service charges for periods before my ownership?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

When it comes to leasehold conveyancing in Ogmore Vale what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Ogmore Vale. All leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• 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 will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

I own a 1st floor flat in Ogmore Vale, conveyancing formalities finalised 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 properties in Ogmore Vale with a long lease are worth £204,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2097

You have 72 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Ogmore Vale