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Common questions relating to Aberystwyth leasehold conveyancing

I am in need of some leasehold conveyancing in Aberystwyth. Before diving in I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Aberystwyth - then the leasehold title will always include the short particulars 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.

Harry (my fiance) and I may need to sub-let our Aberystwyth garden flat for a while due to a career opportunity. We used a Aberystwyth conveyancing firm in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

Even though your last Aberystwyth conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek permission via your landlord or some other party before subletting. The net result is that you cannot sublet in the absence of prior consent. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

Looking forward to exchange soon on a leasehold property in Aberystwyth. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Aberystwyth should include some of the following:

  • Defining your legal entitlements in relation to common areas in the block.E.G., does the lease grant a right of way over an accessway or hallways?
  • Will you be prohibited or prevented from having pets in the property?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be included in your report on your leasehold property in Aberystwyth please enquire of your solicitor in ahead of your conveyancing in Aberystwyth

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

    There is no doubt about it. A leasehold apartment in Aberystwyth is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with less than eighty 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 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 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 Aberystwyth 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 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.

    Can you provide any advice for leasehold conveyancing in Aberystwyth from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Aberystwyth can be avoided where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • Many landlords or Management Companies in Aberystwyth 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 information sought on or before finding 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 frequent cause of delay in leasehold conveyancing in Aberystwyth.
  • If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Aberystwyth leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such works. Should you fail to have the approvals in place do not contact the landlord without checking with your conveyancer in advance.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Organising a re-issued share certificate can be a time consuming process and frustrates many a Aberystwyth home move. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • Aberystwyth Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

      If a Aberystwyth lease has fewer than 80 years it will impact the marketability of the property. Check with your bank that they are happy with remaining years on the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will need to own the premises for 24 months in order to be eligible to extend the lease. Is there a share of the freehold? Be sure to discover if the the lease contains any adverse restrictions in the lease. For example it is very common in Aberystwyth leases that pets are not allowed in in a block in Aberystwyth. If you like the flatin Aberystwyth however your cat can’t move with you then you will be presented with a difficult decision.

    Other Topics

    Lease Extensions in Aberystwyth