Top Five Questions relating to Tredegar leasehold conveyancing
I am on look out for some leasehold conveyancing in Tredegar. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Tredegar - 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.
Planning to complete next month on a basement flat in Tredegar. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Tredegar should include some of the following:
- Setting out your rights in respect of common areas in the block.For example, does the lease include a right of way over a path or staircase?
Estate agents have just been given the go-ahead to market my basement flat in Tredegar.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay 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 managing agents will not acknowledge the buyer unless 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 work for a reputable estate agency in Tredegar where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Tredegar conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 choosing a Tredegar conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Tredegar conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Tredegar conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Tredegar Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
This information is useful as a) areas may result in problems in the building as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have an issue with the running of the building you will need to know about it
Does this lease have in excess of 85 years unexpired?
Make sure you discover if there is anything that is prohibited in the lease. For instance it is very common in Tredegar leases that pets are not permitted in in a block in Tredegar. If you love the flatin Tredegar but your cat is not allowed to move with you then you have a very difficult decision.