I want to sublet my leasehold apartment in Aberystwyth. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Even though your previous Aberystwyth conveyancing lawyer is not available you can check your lease to check if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you must seek permission from your landlord or some other party in advance of subletting. The net result is you not allowed to sublet without prior consent. Such consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I have just appointed agents to market my ground floor flat in Aberystwyth.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – Do I pay up?

It best that you pay 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Aberystwyth. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Aberystwyth ?

The majority of houses in Aberystwyth are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Aberystwyth in which case you should be shopping around for a Aberystwyth conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in Aberystwyth both have about fifty years remaining on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area

Are there common deficiencies that you witness in leases for Aberystwyth properties?

There is nothing unique about leasehold conveyancing in Aberystwyth. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.

Aberystwyth Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

Does the lease have onerous restrictions? How much is the ground rent and service charge? You will want to find out as much as you can about the managing agents as they will either make your life much simpler or a lot more difficult. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the upkeep of the communal areas. Enquire of other people what they think of them. Finally, find out the dates that the maintenance fees are due to the managing agents and precisely what it includes.

Other Topics

Lease Extensions in Aberystwyth