Planning to sign contracts shortly on a ground floor flat in Pencoed. Conveyancing lawyers have said that they are sending me a report on Monday. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

The total extent of the property. This will be the flat itself but might include a loft or basement if applicable.

Ground rent - how much and when you need to pay, and also know whether this is subject to change

Repair and maintenance of the flat

Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

Responsibility for repairing the window frames

What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Pencoed please enquire of your lawyer in ahead of your conveyancing in Pencoed

Estate agents have just been given the go-ahead to market my basement flat in Pencoed.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is 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 managing agents will not acknowledge the buyer unless 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 am attracted to a two apartments in Pencoed both have about forty five years remaining on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

All being well we will complete our sale of a £225000 maisonette in Pencoed in 10 days. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Pencoed?

Pencoed conveyancing on leasehold maisonettes nine out of ten times necessitates administration charges invoiced by managing agents :

• Answering pre-exchange questions
• Where consent is required before sale in Pencoed
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Pencoed leasehold property is £350. For Pencoed conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

What makes a Pencoed lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Pencoed. All leases is drafted differently and drafting errors can result in certain provisions are wrong. 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 premises
• 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

You will have difficulties 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, Barnsley Building Society, and Nottingham Building Society 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 is problematic they may refuse to provide security, obliging the buyer to withdraw.

Pencoed Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing

It would be sensible to find out if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being permitted in in a block in Pencoed. If you love the propertyin Pencoed yet your dog can’t live with you then you will be presented with a hard decision. The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy control and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. What is the service charge and ground rent on the property?

Other Topics

Lease Extensions in Pencoed