Questions and Answers: Tredegar leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Tredegar. I need to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. In some cases a specialist would be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the application to the County Court covering Tredegar.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Tredegar. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Tredegar ?
Most houses in Tredegar are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Tredegar so you should seriously consider shopping around for a Tredegar conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I've recently bought a leasehold property in Tredegar. Do I have any liability for service charges relating to a period prior to my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
What advice can you give us when it comes to appointing a Tredegar conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Tredegar conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Tredegar conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the practice with lease extension legislation?
In relation to leasehold conveyancing in Tredegar what are the most common lease problems?
Leasehold conveyancing in Tredegar is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- 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 may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Clydesdale 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, obliging the purchaser to withdraw.
Tredegar Leasehold Conveyancing - A selection of Queries before Purchasing
What is the length of the lease?
It would be sensible to discover as much as you can concerning the managing agents as they can either make your life much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the tidiness of the communal areas. Enquire of prospective neighbours if they are happy with them. On a final note, investigate as to the dates that the maintenance charges are due to the appropriate party and precisely how they are spending that money.
Most Tredegar leasehold apartments will have a service charge for maintenance of the block invoiced on behalf of the freeholder. If you buy the property you will have to pay this liability, normally in instalments throughout the year. This may vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge to be met yearly, ordinarily this is not a exorbitant amount, say approximately £50-£100 but you should to enquire as sometimes it could be many hundreds of pounds.