Fixed-fee leasehold conveyancing in Porthcawl:

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When it comes to leasehold conveyancing in Porthcawl, you will need to chose a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Lloyds, Birmingham Midshires or Bradford & Bingley make sure you choose a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Porthcawl leasehold conveyancing

I am on look out for some leasehold conveyancing in Porthcawl. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Porthcawl - 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.

Looking forward to exchange soon on a leasehold property in Porthcawl. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Porthcawl should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the demise. This will be the apartment itself but could also incorporate a loft or basement if appropriate.
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Porthcawl please ask your lawyer in advance of your conveyancing in Porthcawl

    • Back In 2006, I bought a leasehold flat in Porthcawl. Conveyancing and Halifax mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Porthcawl who previously acted has long since retired.What should I do?

    The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Porthcawl conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I work for a reputable estate agent office in Porthcawl where we have experienced a few leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Porthcawl conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?

    As long as 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

    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 purchaser.

    What makes a Porthcawl lease unacceptable for security purposes?

    Leasehold conveyancing in Porthcawl is not unique. All leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

    I bought a studio flat in Porthcawl, conveyancing having been completed in 2010. How much will my lease extension cost? Comparable flats in Porthcawl with a long lease are worth £178,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2077

    With only 53 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

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    Lease Extensions in Porthcawl