Questions and Answers: Abertridwr leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Abertridwr. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Abertridwr - 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.
I have recently realised that I have Seventy years unexpired on my flat in Abertridwr. I need to extend my lease but my freeholder is missing. What options are available to me?
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 granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. For most situations a specialist would be useful to carry out a search and to produce a report which can 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 in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Abertridwr.
I am attracted to a couple of apartments in Abertridwr which have in the region of fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Abertridwr is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with under 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 premises 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.
Do you have any advice for leasehold conveyancing in Abertridwr from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Abertridwr can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
- Many landlords or Management Companies in Abertridwr levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Abertridwr.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £500000 flat in Abertridwr next week. The management company has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Abertridwr?
Abertridwr conveyancing on leasehold flats normally involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I purchased a leasehold flat in Abertridwr, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Abertridwr with an extended lease are worth £269,000. The ground rent is £50 yearly. The lease ceases on 21st October 2074
You have 53 years unexpired we estimate the price of your lease extension to range between £38,000 and £44,000 as well as legals.
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 without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.