Common questions relating to Pentwyn leasehold conveyancing
I want to sublet my leasehold apartment in Pentwyn. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease dictates relations between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Pentwyn do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Looking forward to exchange soon on a leasehold property in Pentwyn. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. 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:
- The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
Last month I purchased a leasehold house in Pentwyn. Am I liable to pay service charges for periods before my ownership?
In a situation 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).
What are your top tips when it comes to finding a Pentwyn conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Pentwyn conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Pentwyn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Pentwyn with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Pentwyn can be avoided where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or managing agents in Pentwyn charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding 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 common reason for frustration in leasehold conveyancing in Pentwyn.
I bought a basement flat in Pentwyn, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar flats in Pentwyn with over 90 years remaining are worth £182,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2088
With just 67 years remaining on your lease we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as legals.
The figure above 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 the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.