Back In 2008, I bought a leasehold flat in Bagillt. Conveyancing and Virgin Money mortgage organised. 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 1992. The conveyancing solicitor in Bagillt who previously acted has long since retired.What should I do?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Bagillt conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Bagillt both have in the region of fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Bagillt is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with under 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 premises 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 Bagillt 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

What advice can you give us when it comes to choosing a Bagillt conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Bagillt conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Bagillt conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• What volume of lease extensions has the firm carried out in Bagillt in the last 12 months?
• Can they put you in touch with client in Bagillt who can give a testimonial?

Do you have any advice for leasehold conveyancing in Bagillt with the aim of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bagillt can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
• Many freeholders or managing agents in Bagillt levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Bagillt.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Bagillt leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the consents to hand do not communicate with the landlord without contacting your solicitor before hand.
• If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 clearly preferable to present the dispute as historic as opposed to unresolved.
• You believe that you know the number of years left on your lease but you should double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

What makes a Bagillt lease unmortgageable?

Leasehold conveyancing in Bagillt is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Bagillt Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

What is the yearly maintenance fee and ground rent? Many Bagillt leasehold apartments will be liable to pay a service bill for maintenance of the block invoiced by the freeholder. If you buy the apartment you will have to pay this amount, usually quarterly during the year. This could differ from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay annual, this is usually not a significant amount, say around £25-£75 but you need to enquire it because occasionally it can be many hundreds of pounds. What restrictions are contained in the Bagillt Lease?