Recently asked questions relating to Pencoed leasehold conveyancing
I am on look out for some leasehold conveyancing in Pencoed. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Pencoed - 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 am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Pencoed. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Pencoed ?
Most houses in Pencoed are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Pencoed so you should seriously consider shopping around for a Pencoed conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
Do you have any advice for leasehold conveyancing in Pencoed with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Pencoed can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
- The majority landlords or managing agents in Pencoed levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Pencoed.
If all goes to plan we aim to complete our sale of a £175000 flat in Pencoed next Monday . The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Pencoed?
Pencoed conveyancing on leasehold apartments often involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address these enquiries the majority will be content to do so. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
In relation to leasehold conveyancing in Pencoed what are the most common lease problems?
Leasehold conveyancing in Pencoed is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Aldermore all have express requirements 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.
I am the registered owner of a ground floor flat in Pencoed, conveyancing having been completed in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Pencoed with an extended lease are worth £175,000. The ground rent is £55 levied per year. The lease ends on 21st October 2099
With only 76 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.