Common questions relating to Pentwyn leasehold conveyancing
I am in need of some leasehold conveyancing in Pentwyn. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in Pentwyn - 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.
Planning to complete next month on a leasehold property in Pentwyn. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Pentwyn should include some of the following:
- You should receive a copy of the lease
I own a leasehold flat in Pentwyn. Conveyancing and Bank of Scotland mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Pentwyn who previously acted has now retired.Any advice?
First contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Pentwyn conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a reputable estate agency in Pentwyn where we see a number of leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Pentwyn conveyancing firms. Could you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
We expect to complete our sale of a £400000 maisonette in Pentwyn next Monday . The landlords agents has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Pentwyn?
Pentwyn conveyancing on leasehold apartments more often than not necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, 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 charges, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you if you want to complete the sale of your home.
Pentwyn Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
Is anyone aware of any major works in the near future that will add a premium to the service fees?
You will want to find out as much as possible regarding the company managing the building as they can either make life much easier or uncomfortable. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical matters such as the cleanliness of the communal areas. Ask prospective neighbours what they think of them. Finally, investigate as to the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending that money.
On the whole the outlay for major works are not wrapped into the service charges, albeit that there some managing agents in Pentwyn require tenants to contribute towards a reserve fund created for the specific purpose of establishing a fund for larger repairs or maintenance.