Leasehold Conveyancing in Trearddur Bay - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Trearddur Bay leasehold conveyancing

I am in need of some leasehold conveyancing in Trearddur Bay. Before I set the wheels in motion I require certainty as to the remaining lease term.

If the lease is registered - and 99.9% are in Trearddur Bay - then the leasehold title will always include the short particulars 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.

I have just appointed agents to market my ground floor flat in Trearddur Bay.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?

The sensible thing to do is clear the invoice 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. This will smooth the conveyancing process.

I've recently bought a leasehold flat in Trearddur Bay. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to appointing a Trearddur Bay conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Trearddur Bay conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Trearddur Bay conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

    • Do you have any top tips for leasehold conveyancing in Trearddur Bay with the aim of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Trearddur Bay can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • The majority freeholders or managing agents in Trearddur Bay charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Trearddur Bay.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Trearddur Bay leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. Should you dont have the paperwork to hand you should not communicate with the landlord without contacting your solicitor in the first instance.
  • Some Trearddur Bay leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate can be a time consuming formality and delays many a Trearddur Bay conveyancing transaction. Where a new share is necessary, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • I am the registered owner of a split level flat in Trearddur Bay, conveyancing formalities finalised in 2012. How much will my lease extension cost? Similar flats in Trearddur Bay with over 90 years remaining are worth £189,000. The ground rent is £50 per annum. The lease ends on 21st October 2096

    With 71 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Trearddur Bay