Recently asked questions relating to Bedwas leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bedwas. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Bedwas - then the leasehold title will always include the short particulars 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.
I would like to sublet my leasehold flat in Bedwas. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A small minority of properties in Bedwas do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I am a negotiator for a long established estate agency in Bedwas where we have experienced a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Bedwas conveyancing firms. Can you clarify whether the owner of a flat can commence 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. This means 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.
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 Bedwas conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Bedwas conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Bedwas conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Bedwas from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bedwas can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Bedwas state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord approving such changes. Should you fail to have the paperwork to hand do not communicate with the landlord without checking with your conveyancer in advance.
I bought a leasehold flat in Bedwas, conveyancing was carried out 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Bedwas with a long lease are worth £182,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2081
You have 60 years left to run we estimate the premium for your lease extension to span between £21,900 and £25,200 as well as professional fees.
The suggested premium range 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 detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.