Recently asked questions relating to Barry Island leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Barry Island. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Barry Island - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only 72 years unexpired on my flat in Barry Island. I now wish to get lease extension but my landlord is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. For most situations an enquiry agent would be useful to conduct investigations and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Barry Island.
Estate agents have just been given the go-ahead to market my ground floor apartment in Barry Island.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – what should I do?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of flats in Barry Island both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Barry Island is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and lenders, leases with under eighty years become less and less marketable. 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 Barry Island conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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 Barry Island with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Barry Island can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
- Many landlords or Management Companies in Barry Island charge 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 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 Barry Island.
Leasehold Conveyancing in Barry Island - A selection of Questions you should consider Prior to buying
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What is the name of the managing agents?
Where a Barry Island lease has no more than 80 years it will affect the marketability of the apartment. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension sooner rather than later and you need to have some idea of what this will be. For most Barry Islandlease extensions you would need to own the property for a couple of years in order to be eligible to extend the lease.
The best form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders have control and notwithstanding that a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants.
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