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

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Aberystwyth leasehold conveyancing: Q and A’s

Looking forward to exchange soon on a studio apartment in Aberystwyth. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Aberystwyth should include some of the following:

  • The physical extent of the demise. This will be the apartment itself but might incorporate a loft or basement if applicable.
  • Does the lease prevent you from renting out the property, or having a home office for business
  • You must be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Aberystwyth please ask your lawyer in advance of your conveyancing in Aberystwyth

    • My wife and I purchased a leasehold house in Aberystwyth. Conveyancing and Bank of Ireland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Aberystwyth who acted for me is not around.Do I pay?

    The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Aberystwyth conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    Last month I purchased a leasehold house in Aberystwyth. Do I have any liability for service charges for periods before my ownership?

    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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

    Do you have any advice for leasehold conveyancing in Aberystwyth from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Aberystwyth can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers solicitors.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Aberystwyth leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord approving such works. Should you dont have the approvals in place you should not contact the landlord without checking with your conveyancer in the first instance.
  • Some Aberystwyth 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 bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Organising a new share certificate can be a time consuming process and slows down many a Aberystwyth conveyancing deal. If a reissued share is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Aberystwyth lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Aberystwyth. Most leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • 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

    You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

    I am the registered owner of a 2 bed flat in Aberystwyth, conveyancing formalities finalised 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Aberystwyth with over 90 years remaining are worth £181,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2076

    With only 52 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 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 extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Aberystwyth