Fixed-fee leasehold conveyancing in Whitland:

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Examples of recent questions relating to leasehold conveyancing in Whitland

I am on look out for some leasehold conveyancing in Whitland. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and 99.9% are in Whitland - 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've recently bought a leasehold property in Whitland. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner 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 property lawyer for your lease extension (regardless if they are a Whitland conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Whitland 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:

  • Can they put you in touch with client in Whitland who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any advice for leasehold conveyancing in Whitland from the point of view of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Whitland can be reduced where you instruct 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 buyers solicitors.
    • Many freeholders or Management Companies in Whitland charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Whitland.
  • Some Whitland 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 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 buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may have to bite the bullet and discharge 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 details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Whitland lease defective?

    Leasehold conveyancing in Whitland is not unique. All leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • 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

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Alliance & Leicester 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 is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Leasehold Conveyancing in Whitland - Examples of Questions you should consider before buying

      Please note if it is no more than eighty years it will impact the marketability of the apartment. Check with your lender that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the residence for a couple of years before you are eligible to extend the lease. The answer will be helpful as a) areas may cause problems for the building as the common areas may start to deteriorate where repairs are not paid for b) if the tenants have a dispute with the managing agents you will need to have complete disclosure How many years remain on the lease?

    Other Topics

    Lease Extensions in Whitland