Sample questions relating to Abertridwr leasehold conveyancing
Jane (my partner) and I may need to rent out our Abertridwr basement flat temporarily due to a new job. We instructed a Abertridwr conveyancing practice in 2003 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
The lease dictates relations between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Abertridwr do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Planning to sign contracts shortly on a leasehold property in Abertridwr. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Abertridwr should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I am tempted by the attractive purchase price for a couple of maisonettes in Abertridwr which have in the region of fifty years left 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 deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat 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 premises 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
Last month I purchased a leasehold property in Abertridwr. Do I have any liability for service charges for periods before my ownership?
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. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Can you offer any advice when it comes to choosing a Abertridwr conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Abertridwr conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Abertridwr conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
I am the registered owner of a 1st floor flat in Abertridwr, conveyancing having been completed in 1999. 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 a long lease are worth £245,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2075
You have 55 years left to run we estimate the premium for your lease extension to range between £32,300 and £37,400 plus 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 without more comprehensive due diligence. 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 clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.