Examples of recent questions relating to leasehold conveyancing in Abertridwr
I only have Sixty One years remaining on my flat in Abertridwr. I am keen to get lease extension but my freeholder is missing. 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 magistrate. You will be obliged to prove that you have made all reasonable attempts to track down the freeholder. On the whole an enquiry agent should be useful to carry out a search and prepare an expert document to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Abertridwr.
I am looking at a two maisonettes in Abertridwr which have about fifty years left on the lease term. Do I need to be concerned?
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 salability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less marketable. 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 property 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 any new 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.
Last month I purchased a leasehold house in Abertridwr. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any advice for leasehold conveyancing in Abertridwr with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Abertridwr can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
- If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Abertridwr state that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the approvals in place do not contact the landlord without checking with your lawyer in advance.
If all goes to plan we aim to complete the disposal of our £400000 apartment in Abertridwr on Thursday in a week. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Abertridwr?
Abertridwr conveyancing on leasehold flats nine out of ten times necessitates fees being invoiced by landlords agents :
- Addressing pre-exchange questions
- Where consent is required before sale in Abertridwr
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a split level flat in Abertridwr, conveyancing was carried out 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Abertridwr with over 90 years remaining are worth £239,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2076
With only 55 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.