Frank (my husband) and I may need to let out our Bassaleg 1st floor flat for a while due to a career opportunity. We instructed a Bassaleg conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease governs relations between the landlord and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Bassaleg do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bassaleg. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Bassaleg are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Bassaleg in which case you should be shopping around for a Bassaleg conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

I am attracted to a couple of maisonettes in Bassaleg which have in the region of fifty years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Bassaleg is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and lenders, leases with less than 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 property 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 Bassaleg 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 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.

We expect to complete our sale of a £475000 garden flat in Bassaleg on Monday in a week. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Bassaleg?

Bassaleg conveyancing on leasehold flats often requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are at liberty charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.

In relation to leasehold conveyancing in Bassaleg what are the most common lease problems?

Leasehold conveyancing in Bassaleg is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• 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

You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

Bassaleg Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to buying

Who are the managing agents? Is there a share of the freehold? Most Bassaleg leasehold properties will incur a service bill for the upkeep of the block set on behalf of the landlord. Where you purchase the flat you will have to pay this amount, usually quarterly accross the year. This can differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent for you to pay yearly, normally this is not a large sum, say about £50-£100 but you should to enquire it because occasionally it can be prohibitively expensive.

Other Topics

Lease Extensions in Bassaleg