I am intending to let out my leasehold flat in Bedwas. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your previous Bedwas conveyancing lawyer is not around you can review your lease to check if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to seek consent via your landlord or other appropriate person before subletting. This means you not allowed to sublet without first obtaining permission. Such consent is not allowed to be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.

I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Bedwas. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Bedwas ?

Most houses in Bedwas are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Bedwas in which case you should be looking for a Bedwas conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Bedwas both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Bedwas. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

I am employed by a busy estate agency in Bedwas where we have witnessed a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Bedwas conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease 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 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 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 buyer.

Completion in due on our sale of a £200000 flat in Bedwas on Wednesday in a week. The management company has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Bedwas?

Bedwas conveyancing on leasehold apartments more often than not involves the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

Leasehold Conveyancing in Bedwas - Examples of Questions you should consider before Purchasing

Best to be warned whether window replacement or some other significant cost is due shortly that will be shared between the leasehold owners and may well materially impact the level of the service costs or require a specific invoice. You should be aware that where the lease has no more than eighty years it will have adverse implications on the salability of the property. Check with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you will need to own the residence for 24 months before you are entitled to extend the lease. Are there any major works anticipated that will add a premium to the maintenance costs?

Other Topics

Lease Extensions in Bedwas