Sample questions relating to Penllergaer leasehold conveyancing
Back In 2008, I bought a leasehold flat in Penllergaer. Conveyancing and Barnsley Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Penllergaer who previously acted has long since retired.Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Penllergaer conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Penllergaer both have approximately fifty years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold flat in Penllergaer. Do I have any liability for service charges for periods before 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. 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 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).
Can you provide any top tips for leasehold conveyancing in Penllergaer with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Penllergaer can be bypassed if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Penllergaer leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such alterations. Where you fail to have the paperwork in place you should not contact the landlord without checking with your conveyancer first.
All being well we will complete the sale of our £500000 flat in Penllergaer next week. The management company has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Penllergaer?
Penllergaer conveyancing on leasehold flats more often than not requires the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions most will be willing to do so. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality one has little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
Penllergaer Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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How much is the maintenance charge and ground rent on the flat?
How many years remain on the lease?
Is there a share of the freehold?
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