I am on look out for some leasehold conveyancing in Borth. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Borth - then the leasehold title will always include the basic details 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 have recently realised that I have Seventy years left on my flat in Borth. I now want to extend my lease but my freeholder is can not be found. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. For most situations a specialist may be helpful to try and locate and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Borth.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Borth. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Borth ?

The majority of houses in Borth are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Borth in which case you should be shopping around for a Borth conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I am employed by a reputable estate agent office in Borth where we have witnessed a few flat sales put at risk due to short leases. I have been given inconsistent advice from local Borth conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible 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.

In relation to leasehold conveyancing in Borth what are the most common lease defects?

Leasehold conveyancing in Borth is not unique. All leases is drafted differently and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Leeds Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

Borth Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

The prefered form of lease arrangement is a share of the freehold. In this scenario the leaseholders benefit from control and even though a managing agent is frequently employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Its a good idea to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the communal areas. Ask other people if they are happy with them. Finally, find out the dates that the service charges are due to the appropriate party and specifically what you get for your money. What prohibitions are contained in the Borth Lease?

Other Topics

Lease Extensions in Borth