Questions and Answers: Porthcawl leasehold conveyancing
I am on look out for some leasehold conveyancing in Porthcawl. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Porthcawl - then the leasehold title will always include the basic details 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.
Expecting to complete next month on a ground floor flat in Porthcawl. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Porthcawl should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I have just started marketing my 2 bed flat in Porthcawl.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 until 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 today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Porthcawl. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Porthcawl are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Porthcawl in which case you should be shopping around for a Porthcawl conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I've recently bought a leasehold house in Porthcawl. Do I have any liability for 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. 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 ensure 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).
Porthcawl Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
Does the lease contain onerous restrictions?
Where a Porthcawl lease has fewer than 80 years it will affect the salability of the apartment. It is worth checking with your lender that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this will be. For most Porthcawllease extensions you would need to own the residence for a couple of years in order to be eligible to exercise a lease extension.
It would be prudent to find out if there are any onerous prohibitions in the lease. By way of example it is reasonably common in Porthcawl leases that pets are not permitted in certain buildings in Porthcawl. If you love the propertyin Porthcawl yet your cat is not allowed to live with you then you will be presented with a hard decision.