Fixed-fee leasehold conveyancing in Ystrad Mynach:

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When it comes to leasehold conveyancing in Ystrad Mynach, you will need to chose a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Santander, Yorkshire Building Society or Bradford & Bingley make sure you find a lawyer on their approved list. Find a Ystrad Mynach conveyancing lawyer with our search tool

Recently asked questions relating to Ystrad Mynach leasehold conveyancing

I have just started marketing my ground floor apartment in Ystrad Mynach.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge 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 am looking at a two maisonettes in Ystrad Mynach which have in the region of forty five years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Ystrad Mynach is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 property 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 premises 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 Ystrad Mynach 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 appointing a Ystrad Mynach conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Ystrad Mynach conveyancing practice) it is imperative 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 Ystrad Mynach conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Ystrad Mynach who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Ystrad Mynach with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Ystrad Mynach can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
    • The majority landlords or managing agents in Ystrad Mynach charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Ystrad Mynach.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Ystrad Mynach state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such works. If you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer in advance.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
  • You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Ystrad Mynach lease unmortgageable?

    Leasehold conveyancing in Ystrad Mynach is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • 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. HSBC Bank, The Royal Bank of Scotland, and Bank of Ireland 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 problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I inherited a leasehold flat in Ystrad Mynach, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Ystrad Mynach with an extended lease are worth £180,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2098

    With just 73 years left to run the likely cost is going to be between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Ystrad Mynach