Fixed-fee leasehold conveyancing in Barry Island:

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Barry Island leasehold conveyancing: Q and A’s

I am hoping to complete next month on a studio apartment in Barry Island. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Barry Island should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Setting out your legal entitlements in respect of the communal areas in the block.By way of example, does the lease permit a right of way over a path or hallways?
  • Does the lease prohibit wood flooring?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Barry Island please enquire of your lawyer in ahead of your conveyancing in Barry Island

    • I am looking at a couple of flats in Barry Island both have approximately forty five years unexpired on the lease term. Will this present a problem?

    There is no doubt about it. A leasehold apartment in Barry Island is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat 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 a residence 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 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 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.

    I am employed by a reputable estate agency in Barry Island where we have witnessed a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Barry Island conveyancing solicitors. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 prior to, or at the same time as completion of the disposal of the property.

    Alternatively, it may be possible 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 purchaser.

    Can you offer any advice when it comes to choosing a Barry Island conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a solicitor for lease extension works (regardless if they are a Barry Island conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Barry Island conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

    • How experienced is the firm with lease extension legislation?
  • How many lease extensions has the firm conducted in Barry Island in the last year?

    • Can you provide any advice for leasehold conveyancing in Barry Island from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Barry Island can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ lawyers.
    • The majority landlords or Management Companies in Barry Island levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought 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 Barry Island.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Barry Island state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Should you dont have the approvals to hand you should not communicate with the landlord without contacting your solicitor first.
  • A minority of Barry Island leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • You believe that you know the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I am the registered owner of a 1st floor flat in Barry Island, conveyancing was carried out 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Barry Island with a long lease are worth £195,000. The ground rent is £55 per annum. The lease finishes on 21st October 2090

    With just 65 years left to run we estimate the premium for your lease extension to be between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Barry Island