Frequently asked questions relating to Pencoed leasehold conveyancing
I am in need of some leasehold conveyancing in Pencoed. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Pencoed - 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 have just appointed agents to market my ground floor apartment in Pencoed.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Pencoed. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Pencoed are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Pencoed in which case you should be shopping around for a Pencoed conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of apartments in Pencoed both have approximately 50 years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Pencoed is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and banks, leases with less than 75 years become less and less attractive. 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 a residence 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 Pencoed conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £250000 flat in Pencoed next Thursday . The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Pencoed?
Pencoed conveyancing on leasehold maisonettes normally results in fees being raised by managing agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Pencoed
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Pencoed - A selection of Questions you should ask before Purchasing
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On the whole the outlay for major works tend not to be wrapped into the service charges, although there some managing agents in Pencoed require leasehold owners to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
The answer will be helpful as a) areas can result in problems in the block as the common areas may begin to deteriorate if maintenance are not paid for b) if the leasehold owners have a dispute with the managing agents you will want to have all the details
Does the lease have more than 90 years unexpired?
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