Pencoed leasehold conveyancing: Q and A’s
I’m about to sell my ground floor apartment in Pencoed.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – what should I do?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Pencoed. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Pencoed are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Pencoed so you should seriously consider shopping around for a Pencoed conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
What are your top tips when it comes to finding a Pencoed conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Pencoed conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Pencoed conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
Completion in due on the disposal of our £425000 garden flat in Pencoed on Thursday in a week. The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Pencoed?
For most leasehold sales in Pencoed conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Pencoed
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common deficiencies that you come across in leases for Pencoed properties?
There is nothing unique about leasehold conveyancing in Pencoed. All leases is drafted differently and legal mistakes in the legal wording 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 elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- 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. Yorkshire Building Society, Barnsley Building Society, and Clydesdale 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 grant the mortgage, forcing the purchaser to withdraw.
I acquired a 1 bedroom flat in Pencoed, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Pencoed with an extended lease are worth £207,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2100
With only 79 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.