Frequently asked questions relating to Pantymwyn leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Pantymwyn. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Pantymwyn - 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.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Pantymwyn. I am keen to get lease extension but my freeholder is absent. What should I do?
On the basis that 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to locate the lessor. In some cases an enquiry agent should be useful to try and locate and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Pantymwyn.
I've recently bought a leasehold house in Pantymwyn. Do I have any liability for service charges for periods before 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. 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).
Do you have any advice for leasehold conveyancing in Pantymwyn with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Pantymwyn can be avoided if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Some Pantymwyn leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
In relation to leasehold conveyancing in Pantymwyn what are the most common lease defects?
Leasehold conveyancing in Pantymwyn is not unique. Most leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Platform Home Loans Ltd all have very detailed 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 grant the mortgage, obliging the purchaser to withdraw.
Pantymwyn Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
Who manages the block?
Does this lease have more than 80 years left?
In the main the outlay for major works are not wrapped into the maintenance charges, although some managing agents in Pantymwyn require leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for major works.