Abercarn leasehold conveyancing: Q and A’s
I only have Sixty One years unexpired on my lease in Abercarn. I need to extend my lease but my freeholder is absent. 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. In some cases a specialist would be helpful to conduct investigations and to produce a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Abercarn.
Planning to complete next month on a basement flat in Abercarn. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Abercarn should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I own a leasehold flat in Abercarn. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Abercarn who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Abercarn conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a two flats in Abercarn both have in the region of fifty years remaining on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area
I am a negotiator for a long established estate agent office in Abercarn where we have experienced a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Abercarn conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
I am the registered owner of a 1st floor flat in Abercarn, conveyancing having been completed in 2002. How much will my lease extension cost? Comparable flats in Abercarn with an extended lease are worth £215,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease finishes on 21st October 2086
With just 66 years left to run the likely cost is going to range between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.