Common questions relating to Pencoed leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Pencoed. Before I get started I want to be sure as to the number of years remaining on the lease.
Assuming the lease is registered - and most are in Pencoed - then the leasehold title will always include the short particulars 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.
My fiance and I may need to rent out our Pencoed ground floor flat for a while due to a career opportunity. We used a Pencoed conveyancing practice in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Pencoed do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I've recently bought a leasehold property in Pencoed. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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 Pencoed with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Pencoed can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- The majority freeholders or Management Companies in Pencoed charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Pencoed.
In relation to leasehold conveyancing in Pencoed what are the most frequent lease defects?
Leasehold conveyancing in Pencoed is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. 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
- 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
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. Halifax, Barnsley Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Pencoed Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
Does the lease have onerous restrictions?
You should be aware if it is no more than eighty years it will affect the value of the property. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth discovering what this will be. Remember, in most cases you would need to own the residence for a couple of years in order to be entitled to exercise a lease extension.
How much is the ground rent and service charge?