Examples of recent questions relating to leasehold conveyancing in Whitland
I’m about to sell my basement apartment in Whitland.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Whitland. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Whitland ?
The majority of houses in Whitland are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Whitland in which case you should be looking for a Whitland conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
Last month I purchased a leasehold flat in Whitland. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. A critical element 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 are your top tips when it comes to appointing a Whitland conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Whitland conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Whitland conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the firm with lease extension legislation?
If all goes to plan we aim to complete the sale of our £450000 apartment in Whitland next week. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Whitland?
Whitland conveyancing on leasehold flats normally necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to assist. They are entitled levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.
Leasehold Conveyancing in Whitland - Sample of Queries before Purchasing
You should be aware that where the lease has fewer than 80 years it will impact the value of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and it is worth finding out how much this would cost. For most Whitlandlease extensions you will need to own the premises for two years in order to be entitled to exercise a lease extension.
How is the lease structured?
Best to be warned if fixing the lift or some other major work is coming up to be shared between the tenants and will dramatically increase the the service costs or require a specific payment.