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Any conveyancing practice can theoretically handle your leasehold conveyancing in Porthmadog, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Porthmadog leasehold conveyancing

I am in need of some leasehold conveyancing in Porthmadog. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Porthmadog - 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.

My wife and I purchased a leasehold house in Porthmadog. Conveyancing and Santander mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Porthmadog who previously acted has long since retired.Any advice?

First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Porthmadog conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Can you provide any advice for leasehold conveyancing in Porthmadog with the intention of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Porthmadog can be bypassed if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in Porthmadog charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Porthmadog.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Porthmadog leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such alterations. If you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer before hand.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Organising a re-issued share certificate can be a lengthy process and slows down many a Porthmadog home move. Where a duplicate share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325000 flat in Porthmadog in just under a week. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Porthmadog?

    Porthmadog conveyancing on leasehold maisonettes usually necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to sell the property.

    Are there common defects that you witness in leases for Porthmadog properties?

    Leasehold conveyancing in Porthmadog is not unique. All leases are unique and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Chelsea Building Society, and Britannia all have very detailed 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 defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    Porthmadog Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

      Many Porthmadog leasehold apartments will have a service charge for maintenance of the block invoiced by the landlord. If you acquire the apartment you will have to meet this contribution, normally in instalments throughout the year. This can vary from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent to be met annual, this is usually not a exorbitant sum, say about £50-£100 but you should to enquire it because sometimes it could be prohibitively expensive. For many Porthmadog leaseholds the cost for major works tend not to be built into the service charges, although a few managing agents in Porthmadog obliged tenants to contribute towards a sinking fund created for the specific intention of building a fund for larger repairs or maintenance. Does the lease include onerous restrictions?

    Other Topics

    Lease Extensions in Porthmadog