Leasehold Conveyancing in Pentwyn - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Pentwyn leasehold conveyancing

I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Pentwyn. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in Pentwyn are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Pentwyn in which case you should be shopping around for a Pentwyn conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Pentwyn which have in the region of forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Pentwyn is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Pentwyn conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold property in Pentwyn. Am I liable to pay service charges relating to a period prior to 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. Strange as it may seem, 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 advice can you give us when it comes to choosing a Pentwyn conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Pentwyn conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak 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 helpful:

  • What volume of lease extensions have they completed in Pentwyn in the last twenty four months?
  • What are the legal fees for lease extension conveyancing?

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £225000 maisonette in Pentwyn next Thursday . The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Pentwyn?

    Pentwyn conveyancing on leasehold flats more often than not necessitates the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to assist. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality one has little choice but to pay whatever is requested of you if you want to sell the property.

    I inherited a basement flat in Pentwyn, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Pentwyn with a long lease are worth £240,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2088

    You have 64 years left to run we estimate the price of your lease extension to span between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Pentwyn