I am in need of some leasehold conveyancing in Abercarn. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Abercarn - then the leasehold title will always include the basic details 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.

There are only 62 years unexpired on my lease in Abercarn. I need to get lease extension but my freeholder is missing. What options are available to me?

If 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 Court. You will be obliged to demonstrate that you have used your best endeavours to track down the freeholder. In some cases a specialist would be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Abercarn.

Looking forward to sign contracts shortly on a basement flat in Abercarn. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I am looking at a couple of apartments in Abercarn both have in the region of forty five years remaining on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

When it comes to leasehold conveyancing in Abercarn what are the most common lease defects?

Leasehold conveyancing in Abercarn is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Godiva Mortgages Ltd 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 defective they may refuse to provide security, forcing the buyer to pull out.

I acquired a basement flat in Abercarn, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Abercarn with a long lease are worth £261,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2094

With only 70 years unexpired we estimate the premium for your lease extension to range between £13,300 and £15,400 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 extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Abercarn