Top Five Questions relating to Bedwas leasehold conveyancing
I have recently realised that I have Fifty years left on my flat in Bedwas. I now wish to extend my lease but my freeholder is absent. What options are available to me?
If 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 enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to find the freeholder. For most situations a specialist may be helpful to carry out a search and prepare an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Bedwas.
Due to sign contracts shortly on a garden flat in Bedwas. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bedwas should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I have just appointed agents to market my basement apartment in Bedwas.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – Do I pay up?
It best that you pay the invoice 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 managing agents 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 employed by a long established estate agency in Bedwas where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Bedwas conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension formalities 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 kick-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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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 buyer.
Can you provide any top tips for leasehold conveyancing in Bedwas with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Bedwas can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Bedwas leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such alterations. Should you fail to have the approvals to hand you should not communicate with the landlord without checking with your solicitor first.
I am the registered owner of a 1 bedroom flat in Bedwas, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Bedwas with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2089
You have 68 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.