Roath Park leasehold conveyancing: Q and A’s
I have just started marketing my garden flat in Roath Park.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Roath Park. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Roath Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Roath Park in which case you should be looking for a Roath Park conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am looking at a couple of flats in Roath Park both have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
I am employed by a reputable estate agent office in Roath Park where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Roath Park conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
What are your top tips when it comes to finding a Roath Park conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Roath Park conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Roath Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Roath Park - Sample of Questions you should ask before buying
Where a Roath Park lease has no more than 80 years it will affect the value of the flat. Check with your mortgage company that they are happy with remaining years on the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. For most Roath Parklease extensions you will be be obliged to have been the owner of the residence for a couple of years in order to be entitled to extend the lease.
It would be prudent to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the communal areas. You should not be shy to ask prospective neighbours what they think of their management. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money.
It is important to be aware if window replacement or some other significant cost is coming up that will be shared by the leaseholders and will dramatically impact the level of the maintenance fees or require a specific invoice.