Top Five Questions relating to Aberystwyth leasehold conveyancing
Helen (my wife) and I may need to let out our Aberystwyth ground floor flat for a while due to a career opportunity. We instructed a Aberystwyth conveyancing firm in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Aberystwyth do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Expecting to sign contracts shortly on a leasehold property in Aberystwyth. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Aberystwyth should include some of the following:
- You should be sent a copy of the lease
My wife and I purchased a leasehold flat in Aberystwyth. Conveyancing and Birmingham Midshires mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Aberystwyth who acted for me is not around.What should I do?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Aberystwyth conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £175000 garden flat in Aberystwyth on Wednesday in a week. The landlords agents has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Aberystwyth?
For the majority of leasehold sales in Aberystwyth conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-exchange questions
- Where consent is required before sale in Aberystwyth
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
In relation to leasehold conveyancing in Aberystwyth what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Aberystwyth. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
I inherited a 1 bedroom flat in Aberystwyth, conveyancing was carried out 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Aberystwyth with over 90 years remaining are worth £240,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2092
With 68 years remaining on your lease the likely cost is going to be between £15,200 and £17,600 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
Other Topics