Sample questions relating to Pentwyn leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Pentwyn. Before I get started I want to be sure as to 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 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.
Estate agents have just been given the go-ahead to market my basement flat in Pentwyn.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Pentwyn. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Pentwyn ?
Most houses in Pentwyn are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Pentwyn so you should seriously consider looking for a Pentwyn conveyancing solicitor and be sure 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 tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.
I've recently bought a leasehold property in Pentwyn. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. 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 offer any advice when it comes to choosing a Pentwyn conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Pentwyn conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Pentwyn conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
I bought a 1st floor flat in Pentwyn, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Pentwyn with over 90 years remaining are worth £168,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2081
You have 60 years unexpired we estimate the price of your lease extension to be between £20,000 and £23,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.