Top Five Questions relating to Roath Park leasehold conveyancing
I am in need of some leasehold conveyancing in Roath Park. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Roath Park - 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.
Due to exchange soon on a basement flat in Roath Park. Conveyancing solicitors assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Roath Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
Back In 2009, I bought a leasehold house in Roath Park. Conveyancing and Skipton Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Roath Park who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Roath Park conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What advice can you give us when it comes to finding a Roath Park conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Roath Park conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Roath Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How many lease extensions have they completed in Roath Park in the last 12 months?
Are there frequently found problems that you see in leases for Roath Park properties?
Leasehold conveyancing in Roath Park is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I inherited a leasehold flat in Roath Park, conveyancing having been completed 2003. Can you work out an approximate cost of a lease extension? Similar properties in Roath Park with an extended lease are worth £236,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2093
With 72 years unexpired the likely cost is going to range between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you 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 other 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 based on this information before seeking the advice of a professional.