Expecting to sign contracts shortly on a garden flat in Penarth. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Penarth should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

I am tempted by the attractive purchase price for a couple of flats in Penarth both have about 50 years left on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

I've recently bought a leasehold flat in Penarth. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner 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. It is an essential part 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).

What are your top tips when it comes to finding a Penarth conveyancing firm to carry out our lease extension conveyancing?

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

• How familiar is the practice with lease extension legislation?

What are the common defects that you witness in leases for Penarth properties?

There is nothing unique about leasehold conveyancing in Penarth. All leases are unique and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• 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 may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Aldermore all have very detailed 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 buyer to pull out.

Penarth Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

The best form of lease structure is a share of the freehold. In this arrangement the tenants benefit from being in charge if their destiny and although a managing agent is usually retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Who are the managing agents? This information is helpful as a) areas could cause problems in the block as the communal areas may begin to deteriorate where services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details

Other Topics

Lease Extensions in Penarth