Experts for Leasehold Conveyancing in Treforest

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Recently asked questions relating to Treforest leasehold conveyancing

Expecting to exchange soon on a studio apartment in Treforest. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Treforest should include some of the following:

  • Does the lease prohibit wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Repair and maintenance of the flat
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour is in violation of a provision in their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Treforest please enquire of your lawyer in ahead of your conveyancing in Treforest

    • I am attracted to a couple of apartments in Treforest both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Treforest. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

    I am a negotiator for a busy estate agency in Treforest where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Treforest conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    Provided that 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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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.

    Can you provide any advice for leasehold conveyancing in Treforest with the purpose of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Treforest can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • The majority landlords or managing agents in Treforest levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Treforest.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Treforest state that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your solicitor in the first instance.
  • A minority of Treforest leases require Licence to Assign from the landlord. 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 financial (bank) and professional references. The bank reference should make it clear that the buyer is 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 buyers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Obtaining a new share certificate is often a lengthy process and slows down many a Treforest conveyancing deal. Where a new share is needed, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

    • What makes a Treforest lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Treforest. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions 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 buyer to pull out.

    I bought a 1 bedroom flat in Treforest, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Treforest with an extended lease are worth £241,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2102

    With 77 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Treforest