Leasehold Conveyancing in Abercarn - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Abercarn leasehold conveyancing

Planning to exchange soon on a studio apartment in Abercarn. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Abercarn should include some of the following:

  • The total extent of the premises. This will be the property itself but could also include a loft or basement if applicable.
  • Defining your rights in respect of common areas in the block.For example, does the lease contain a right of way over a path or hallways?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Abercarn please ask your lawyer in advance of your conveyancing in Abercarn

    • I work for a busy estate agent office in Abercarn where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Abercarn conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

    An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    Do you have any advice for leasehold conveyancing in Abercarn with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Abercarn can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers lawyers.
    • The majority landlords or managing agents in Abercarn levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Abercarn.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Abercarn state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such changes. Should you dont have the consents in place you should not communicate with the landlord without checking with your solicitor in advance.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425000 flat in Abercarn in just under a week. The freeholder has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Abercarn?

    Abercarn conveyancing on leasehold flats normally involves the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to complete the sale of your home.

    What makes a Abercarn lease unacceptable for security purposes?

    Leasehold conveyancing in Abercarn is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

    I own a 1 bedroom flat in Abercarn, conveyancing having been completed in 1999. 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? Comparable flats in Abercarn with a long lease are worth £235,000. The average or mid-range amount of ground rent is £60 per annum. The lease terminates on 21st October 2087

    With 62 years unexpired we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as legals.

    The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you 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.

    Other Topics

    Lease Extensions in Abercarn