Questions and Answers: Rhiwbina leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Rhiwbina. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is registered - and almost all are in Rhiwbina - 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.
I have just started marketing my basement apartment in Rhiwbina.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – what should I do?
It best that you discharge the invoice 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 unless 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 seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Rhiwbina. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Rhiwbina ?
Most houses in Rhiwbina are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Rhiwbina so you should seriously consider looking for a Rhiwbina conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
Last month I purchased a leasehold house in Rhiwbina. Do I have any liability for service charges relating to a period prior to my ownership?
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. However, 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).
Can you offer any advice when it comes to appointing a Rhiwbina conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Rhiwbina conveyancing firm) it is imperative 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 Rhiwbina conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How familiar is the firm with lease extension legislation?
I bought a split level flat in Rhiwbina, conveyancing was carried out in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Rhiwbina with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2093
You have 68 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
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