I’m about to sell my 2 bed flat in Abergele.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – 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 management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Abergele. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Abergele ?

Most houses in Abergele are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Abergele in which case you should be shopping around for a Abergele conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.

I own a leasehold flat in Abergele. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Abergele who acted for me is not around.What should I do?

First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Abergele conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Abergele both have approximately fifty years unexpired on the leases. should I be concerned?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces 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. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

I work for a reputable estate agency in Abergele where we have witnessed a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Abergele conveyancing firms. Can you clarify whether the owner 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 kick-start 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.

Alternatively, it may be possible 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 invested in buying a 1 bedroom flat in Abergele, conveyancing having been completed 2000. Can you work out an approximate cost of a lease extension? Similar properties in Abergele with an extended lease are worth £166,000. The ground rent is £55 invoiced every year. The lease finishes on 21st October 2097

With 72 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Abergele