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

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Ebbw Vale, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Ebbw Vale leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Ebbw Vale. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Ebbw Vale - then the leasehold title will always include the short particulars 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 am hoping to exchange soon on a leasehold property in Ebbw Vale. Conveyancing solicitors inform 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 Ebbw Vale should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the premises. This will be the apartment itself but may incorporate a roof space or cellar if appropriate.
  • Are you allowed to have a pet in the flat?
  • You must be told what counts as a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • 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 Ebbw Vale please ask your conveyancer in ahead of your conveyancing in Ebbw Vale

    • I am attracted to a couple of maisonettes in Ebbw Vale which have approximately 50 years remaining on the leases. should I be concerned?

    A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

    Last month I purchased a leasehold house in Ebbw Vale. Do I have any liability for service charges relating to a period prior to 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. Strange as it may seem, 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).

    Can you provide any top tips for leasehold conveyancing in Ebbw Vale with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Ebbw Vale can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Ebbw Vale state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the approvals to hand you should not contact the landlord without checking with your solicitor before hand.
  • Some Ebbw Vale leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 lawyers.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a Ebbw Vale home move. If a reissued share certificate is necessary, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I acquired a ground floor flat in Ebbw Vale, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Ebbw Vale with over 90 years remaining are worth £231,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease finishes on 21st October 2077

    With 52 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Ebbw Vale