Recently asked questions relating to Adamsdown leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years left on my lease in Adamsdown. I need to get lease extension but my freeholder is absent. What are my options?
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 for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. In some cases an enquiry agent should be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Adamsdown.
I am attracted to a couple of apartments in Adamsdown both have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I am a negotiator for a busy estate agent office in Adamsdown where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Adamsdown conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you provide any top tips for leasehold conveyancing in Adamsdown from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Adamsdown can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
- The majority freeholders or managing agents in Adamsdown charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Adamsdown.
We expect to complete the disposal of our £375000 maisonette in Adamsdown next week. The freeholder has quoted £384 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Adamsdown?
Adamsdown conveyancing on leasehold apartments normally requires the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be willing to assist. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I purchased a studio flat in Adamsdown, conveyancing having been completed in 1999. Can you work out an approximate cost of a lease extension? Similar flats in Adamsdown with over 90 years remaining are worth £206,000. The ground rent is £65 invoiced every year. The lease ceases on 21st October 2093
You have 68 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
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