Questions and Answers: Bedwas leasehold conveyancing
I am on look out for some leasehold conveyancing in Bedwas. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and almost all 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.
My wife and I purchased a leasehold flat in Bedwas. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Bedwas who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Bedwas conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Bedwas both have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
I work for a long established estate agency in Bedwas where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Bedwas conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate 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 start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 purchaser.
What advice can you give us when it comes to choosing a Bedwas conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Bedwas conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Bedwas conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How many lease extensions has the firm conducted in Bedwas in the last twenty four months?
Leasehold Conveyancing in Bedwas - A selection of Queries before buying
How many years remain on the lease?
It would be wise to discover as much as you can regarding the company managing the building as they will either make your living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to daily issues like the cleanliness of the communal areas. Enquire of other tenants if they are happy with their service. On a final note, find out the dates that the maintenance charges are due to the managing agents and precisely what you get for your money.
The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this scenario the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is usually employed if the building is bigger than a house conversion, the managing agent retained by the leaseholders.