Brynmill leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Brynmill. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Brynmill - 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.
Harry (my fiance) and I may need to rent out our Brynmill garden flat for a while due to a new job. We used a Brynmill conveyancing firm in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Brynmill do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review 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.
Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Brynmill. I now want to extend my lease but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. In some cases an enquiry agent would be useful to conduct investigations and prepare a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Brynmill.
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Brynmill. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Brynmill 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. It is clear that you are buying in Brynmill in which case you should be looking for a Brynmill conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As 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 landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.
I am employed by a reputable estate agent office in Brynmill where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Brynmill conveyancing solicitors. Can you shed some light as to whether the seller 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 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 simultaneously with 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.
I am the registered owner of a ground floor flat in Brynmill, conveyancing was carried out 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Brynmill with over 90 years remaining are worth £203,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2099
You have 74 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
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