Frequently asked questions relating to Rhiwbina leasehold conveyancing
Expecting to sign contracts shortly on a studio apartment in Rhiwbina. Conveyancing lawyers inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rhiwbina should include some of the following:
- Setting out your rights in respect of the communal areas in the block.E.G., does the lease grant a right of way over a path or hallways?
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Rhiwbina. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Rhiwbina are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Rhiwbina in which case you should be looking for a Rhiwbina conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.
I am looking at a two maisonettes in Rhiwbina which have about forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Rhiwbina is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rhiwbina conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What advice can you give us when it comes to appointing a Rhiwbina conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer 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 work. We advise that you make enquires with several firms including non Rhiwbina conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions has the firm completed in Rhiwbina in the last year?
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £250000 apartment in Rhiwbina in just under a week. The landlords agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Rhiwbina?
Rhiwbina conveyancing on leasehold apartments often necessitates the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be content to do so. They are entitled invoice a reasonable administration fee for answering enquiries 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 levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to sell the property.
Rhiwbina Leasehold Conveyancing - A selection of Queries before Purchasing
How many years remain on the lease?
Plenty Rhiwbina leasehold apartments will have a service charge for maintenance of the block set on behalf of the landlord. Where you purchase the apartment you will have to pay this charge, usually quarterly throughout the year. This could be anything from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, this is usually not a significant sum, say around £25-£75 but you should to check as occasionally it can be many hundreds of pounds.
Does the lease contain onerous restrictions?