Frequently asked questions relating to Treuddyn leasehold conveyancing
I am on look out for some leasehold conveyancing in Treuddyn. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Treuddyn - 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.
Due to complete next month on a studio apartment in Treuddyn. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Treuddyn should include some of the following:
- You should be sent a copy of the lease
I am attracted to a two apartments in Treuddyn both have approximately 50 years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Treuddyn is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Treuddyn conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
What are your top tips when it comes to choosing a Treuddyn conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Treuddyn conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Treuddyn conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- How many lease extensions have they completed in Treuddyn in the last 12 months?
If all goes to plan we aim to complete the sale of our £500000 maisonette in Treuddyn in just under a week. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Treuddyn?
Treuddyn conveyancing on leasehold maisonettes usually involves administration charges invoiced by management companies :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Treuddyn
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a 1st floor flat in Treuddyn, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Treuddyn with an extended lease are worth £225,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2098
You have 77 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.