I would like to rent out my leasehold flat in Bangor. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Your lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Bangor do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I am attracted to a two apartments in Bangor which have about 50 years remaining on the lease term. should I be concerned?

There are plenty of short leases in Bangor. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area

I work for a long established estate agent office in Bangor where we have experienced a few flat sales jeopardised due to short leases. I have received conflicting advice from local Bangor conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

What are your top tips when it comes to finding a Bangor conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Bangor conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Bangor conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• If the firm is not ALEP accredited then what is the reason?

Do you have any advice for leasehold conveyancing in Bangor with the aim of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bangor can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
• The majority landlords or Management Companies in Bangor levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Bangor.

Leasehold Conveyancing in Bangor - Examples of Questions you should consider Prior to Purchasing

Does the lease include onerous restrictions? This information is important as a) areas can cause problems in the building as the communal areas may start to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will need to know about it How much is the ground rent and service charge?

Other Topics

Lease Extensions in Bangor