Aberbargoed leasehold conveyancing: Q and A’s
I am intending to sublet my leasehold flat in Aberbargoed. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Aberbargoed conveyancing lawyer is not available you can review your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must seek permission from your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet in the absence of first obtaining consent. The consent is not allowed to be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I only have Seventy years unexpired on my flat in Aberbargoed. I now want to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to locate the lessor. For most situations a specialist should be useful to try and locate and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Aberbargoed.
I am attracted to a two apartments in Aberbargoed which have in the region of forty five years remaining on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often 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 seek professional assistance from a solicitor and surveyor with experience in this area
I work for a long established estate agent office in Aberbargoed where we have witnessed a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Aberbargoed conveyancing solicitors. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
When it comes to leasehold conveyancing in Aberbargoed what are the most common lease defects?
Leasehold conveyancing in Aberbargoed is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Coventry 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 grant the mortgage, forcing the buyer to withdraw.
Aberbargoed Conveyancing for Leasehold Flats - Sample of Queries before buying
Does the lease contain onerous restrictions?
It is important to be aware whether redecorating or some other major work is pending to be shared by the leasehold owners and will dramatically increase the the maintenance costs or require a one off invoice.
What is the maintenance charge and ground rent on the property?