Me and my brother own a terraced Georgian property in Gilwern. Conveyancing solicitor represented me and TSB. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the matching address. Is it worth asking TSB to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Gilwern and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing practitioner who conducted the purchase.
About to purchase a new build apartment in Gilwern. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Gilwern
Please confirm the Lease plans are surveyor prepared. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one near me in Gilwern I like with a park and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Gilwern suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Given that I am about to spend £400,000 on a terraced house in Gilwern I wish to have a conversation with the conveyancer about myhouse move before giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your conveyancing in Gilwern.There is no ‘factory style conveyancing’ - each client is unique person, not a case number. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Gilwern should be the amount on the final invoice that you are charged.
What advice can you give us when it comes to appointing a Gilwern conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Gilwern conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Gilwern conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
What are the legal fees for lease extension conveyancing? Can they put you in touch with clients in Gilwern who can give a testimonial?
Leasehold Conveyancing in Gilwern - A selection of Questions you should consider Prior to buying
You should be aware that where the lease has less than eighty years it will have adverse implications on the salability of the flat. Check with your lender that they are content with remaining years on the lease. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering how much this will be. For most Gilwernlease extensions you would be be obliged to have been the owner of the premises for 24 months in order to be eligible to extend the lease. The prefered form of lease structure is where the freehold interest is owned by the leaseholders. In this scenario the leaseholders have control and notwithstanding that a managing agent is often retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Most Gilwern leasehold properties will have a service charge for the upkeep of the building set on behalf of the freeholder. Where you acquire the flat you will have to meet this charge, usually periodically accross the year. This may be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge for you to pay yearly, this is usually not a exorbitant sum, say about £50-£100 but you should to enquire as on occasion it could be prohibitively expensive.