Planning to complete next month on a studio apartment in Bedwas. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Bedwas should include some of the following:

• Defining your legal entitlements in relation to the communal areas in the block.For instance, does the lease contain a right of way over a path or staircase?

I own a leasehold house in Bedwas. Conveyancing and Nationwide Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor 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 make sure that this person is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Bedwas conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate 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 fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Bedwas is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat 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 a residence 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 Bedwas conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

I am a negotiator for a busy estate agent office in Bedwas where we have witnessed a few flat sales derailed due to short leases. I have received inconsistent advice from local Bedwas conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence 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 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

Can you offer any advice when it comes to finding a Bedwas conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Bedwas conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak 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 might be helpful:

• How familiar is the practice with lease extension legislation?

Bedwas Leasehold Conveyancing - Sample of Queries before buying

This question is useful as a) areas could result in problems in the building as the communal areas may begin to deteriorate where services are not paid for b) if the tenants have a dispute with the managing agents you will need to have complete disclosure It would be a good idea to investigate if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Bedwas. If you like the propertyin Bedwas however your dog is not allowed to make the move with you then you will be presented with a difficult decision. What is the name of the managing agents?

Other Topics

Lease Extensions in Bedwas