I am on look out for some leasehold conveyancing in Trefnant. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Trefnant - 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.

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Trefnant. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Trefnant are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Trefnant so you should seriously consider looking for a Trefnant conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

What are your top tips when it comes to appointing a Trefnant conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Trefnant conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Trefnant 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:

• If they are not ALEP accredited then what is the reason?
• What are the legal fees for lease extension work?

Can you provide any advice for leasehold conveyancing in Trefnant from the perspective of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Trefnant can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
• A minority of Trefnant leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to ongoing.
• If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Obtaining a new share certificate can be a lengthy formality and slows down many a Trefnant home move. If a duplicate share is necessary, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

What makes a Trefnant lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Trefnant. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• 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 encounter a problem 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, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Trefnant Leasehold Conveyancing - Examples of Queries before Purchasing

The prefered form of lease structure is where the freehold title is owned by the leaseholders. In this situation the tenants enjoy control and even though a managing agent is frequently retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Many Trefnant leasehold apartments will incur a service charge for maintenance of the building set on behalf of the landlord. Should you buy the property you will have to meet this charge, usually periodically throughout the year. This could differ from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge for you to pay yearly, this is usually not a exorbitant sum, say approximately £50-£100 but you should to enquire as on occasion it could be many hundreds of pounds.