Questions and Answers: Rhiwbina leasehold conveyancing
I’m about to sell my garden flat in Rhiwbina.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – what should I do?
It best that you 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 am attracted to a couple of apartments in Rhiwbina both have in the region of 50 years remaining on the leases. should I be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to finding a Rhiwbina conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Rhiwbina conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Rhiwbina conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Rhiwbina from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Rhiwbina can be bypassed where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or Management Companies in Rhiwbina levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Rhiwbina.
In relation to leasehold conveyancing in Rhiwbina what are the most frequent lease defects?
Leasehold conveyancing in Rhiwbina is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations 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
You may encounter 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. National Westminster Bank, Skipton Building Society, and Platform Home Loans Ltd all have very detailed 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.
Rhiwbina Conveyancing for Leasehold Flats - A selection of Queries before buying
How much is the ground rent and service charge?
You should be aware if it is no more than 80 years it will impact the marketability of the apartment. It is worth checking with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. For most Rhiwbinalease extensions you would be required to have been the owner of the residence for two years in order to be legally able to extend the lease.
What is the the remaining lease term?