Fixed-fee leasehold conveyancing in Old Colwyn:

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When it comes to leasehold conveyancing in Old Colwyn, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, RBS or Bradford & Bingley make sure you choose a lawyer on their panel. Find a Old Colwyn conveyancing lawyer with our search tool

Common questions relating to Old Colwyn leasehold conveyancing

I am on look out for some leasehold conveyancing in Old Colwyn. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Old Colwyn - 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 only have Fifty years unexpired on my lease in Old Colwyn. I need to get lease extension but my freeholder is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. On the whole an enquiry agent would be helpful to conduct investigations and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Old Colwyn.

I am tempted by the attractive purchase price for a two flats in Old Colwyn both have about fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Old Colwyn. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Can you provide any advice for leasehold conveyancing in Old Colwyn with the intention of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Old Colwyn can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Old Colwyn charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Old Colwyn.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Old Colwyn leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Where you dont have the consents in place do not contact the landlord without checking with your lawyer in the first instance.
  • A minority of Old Colwyn leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unresolved.

    • We expect to complete the disposal of our £250000 garden flat in Old Colwyn in 8 days. The managing agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Old Colwyn?

    Old Colwyn conveyancing on leasehold apartments often necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are entitled charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge demanded by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.

    Leasehold Conveyancing in Old Colwyn - Examples of Questions you should consider Prior to Purchasing

      The best form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from control and even though a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Best to be warned whether fixing the lift or some other significant cost is pending that will be shared amongst the leaseholders and will dramatically impact the level of the service charges or necessitate a one time payment. Who are the managing agents?

    Other Topics

    Lease Extensions in Old Colwyn