Due to sign contracts shortly on a studio apartment in Pencoed. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Pencoed should include some of the following:

• Does the lease prevent you from letting out the property, or working from home
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• You should have a good understanding of the insurance provisions
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• Responsibility for repairing the window frames
• What the implications are if you breach a clause of your lease?

I own a leasehold flat in Pencoed. Conveyancing and Nationwide Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Pencoed who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Pencoed conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Pencoed both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Pencoed. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold house in Pencoed. Am I liable to pay service charges relating to a period prior to my ownership?

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. Strange as it may seem, 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).

Do you have any top tips for leasehold conveyancing in Pencoed from the perspective of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Pencoed can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
• The majority landlords or Management Companies in Pencoed charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Pencoed.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Pencoed leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you dont have the paperwork in place do not communicate with the landlord without checking with your solicitor in the first instance.
• If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Organising a replacement share certificate is often a time consuming formality and delays many a Pencoed home move. If a duplicate share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

I bought a 1 bedroom flat in Pencoed, conveyancing formalities finalised 8 years ago. How much will my lease extension cost? Comparable properties in Pencoed with an extended lease are worth £209,000. The ground rent is £60 invoiced every year. The lease runs out on 21st October 2076

With 50 years remaining on your lease the likely cost is going to be between £34,200 and £39,600 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.