Common questions relating to Pentwyn leasehold conveyancing
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Pentwyn. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Pentwyn ?
The majority of houses in Pentwyn are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Pentwyn in which case you should be 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 number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two maisonettes in Pentwyn which have in the region of fifty years unexpired on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. 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 reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat 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 owner 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. A critical element 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 choosing a Pentwyn conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (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 conveyancing. We suggested that you speak with two or three firms including non Pentwyn conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- Can they put you in touch with client in Pentwyn who can give a testimonial?
In relation to leasehold conveyancing in Pentwyn what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Pentwyn. Most leases are individual and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Pentwyn Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
How much is the annual service fee and ground rent?
What restrictions are contained in the Pentwyn Lease?
Make sure you investigate if the the lease contains any onerous restrictions in the lease. For example plenty of leases prohibit pets being allowed in certain buildings in Pentwyn. If you love the flatin Pentwyn however your cat can’t make the move with you then you will be presented with a difficult compromise.