Recently asked questions relating to Abertridwr leasehold conveyancing
I am on look out for some leasehold conveyancing in Abertridwr. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Abertridwr - then the leasehold title will always include the short particulars 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.
I would like to let out my leasehold flat in Abertridwr. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Abertridwr do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I only have 68 years unexpired on my flat in Abertridwr. I am keen to extend my lease but my landlord is can not be found. What options are available to me?
On the basis that you qualify, 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 enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to find the landlord. For most situations an enquiry agent should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Abertridwr.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Abertridwr. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Abertridwr are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Abertridwr in which case you should be looking for a Abertridwr conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am looking at a couple of apartments in Abertridwr which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Abertridwr is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Abertridwr conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Abertridwr Leasehold Conveyancing - A selection of Queries Prior to buying
Who are the managing agents?
Most Abertridwr leasehold apartments will have a service charge for maintenance of the building levied by the landlord. If you buy the apartment you will have to meet this charge, normally periodically throughout the year. This may be anything from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. In all likelihood there will be a rentcharge to be met yearly, ordinarily this is not a exorbitant figure, say around £50-£100 but you should to enquire it because on occasion it can be many hundreds of pounds.
On the whole the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Abertridwr ask leasehold owners to pay into a sinking fund and this is used to offset against major repairs or maintenance.