Fixed-fee leasehold conveyancing in Tregaron:

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Sample questions relating to Tregaron leasehold conveyancing

I have recently realised that I have 72 years left on my lease in Tregaron. I now wish to get lease extension but my landlord is missing. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the freeholder. In some cases an enquiry agent would be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Tregaron.

I’m about to sell my ground floor flat in Tregaron.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – what should I do?

It best that you clear the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two flats in Tregaron which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Tregaron. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

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

If you are instructing a conveyancer for your lease extension (regardless if they are a Tregaron conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Tregaron conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

  • How experienced is the firm with lease extension legislation?
  • Can they put you in touch with client in Tregaron who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Tregaron from the point of view of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Tregaron can be bypassed if you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Many landlords or managing agents in Tregaron levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Tregaron.
  • Some Tregaron 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 obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to 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 historic rather than ongoing.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I acquired a 1 bedroom flat in Tregaron, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Tregaron with a long lease are worth £191,000. The ground rent is £50 per annum. The lease ends on 21st October 2079

    With only 54 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Tregaron