Sample 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.
Assuming the lease is registered - and almost all 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.
Looking forward to exchange soon on a garden flat in Roath Park. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Roath Park should include some of the following:
- Do you need to have carpet in the flat or are you allowed wood flooring?
I am looking at a couple of maisonettes in Roath Park both have approximately forty five years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Roath Park is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat 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 premises 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 Roath Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Can you offer any advice when it comes to finding a Roath Park conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Roath Park conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Roath Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
What makes a Roath Park lease defective?
There is nothing unique about leasehold conveyancing in Roath Park. Most leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
Roath Park Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
The best form of lease structure is if the freehold reversion is in the ownership of the leaseholders. In this situation the leaseholders enjoy control and although a managing agent is frequently employed where the building is bigger than a house conversion, the managing agent retained by the leaseholders.
Are there any major works anticipated that could add a premium to the service fees?
Its a good idea to discover as much as you can concerning the managing agents as they can either make your life much simpler or a lot more difficult. As the proprietor of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to practical issues like the tidiness of the common parts. You should not be shy to ask other tenants if they are happy with them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money.