Questions and Answers: Caernarfon leasehold conveyancing
Frank (my husband) and I may need to let out our Caernarfon garden flat for a while due to taking a sabbatical. We instructed a Caernarfon conveyancing firm in 2002 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease governs the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Caernarfon do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have recently realised that I have 72 years unexpired on my flat in Caernarfon. I need to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, 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 magistrate. However, you will be required to prove that you have used your best endeavours to locate the landlord. In some cases an enquiry agent may be helpful to conduct investigations and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Caernarfon.
Due to sign contracts shortly on a studio apartment in Caernarfon. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Caernarfon should include some of the following:
- How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
Last month I purchased a leasehold house in Caernarfon. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Completion in due on the disposal of our £300000 garden flat in Caernarfon in just under a week. The freeholder has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Caernarfon?
Caernarfon conveyancing on leasehold maisonettes typically necessitates administration charges levied by freeholders :
- Answering pre-exchange enquiries
- Where consent is required before sale in Caernarfon
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a basement flat in Caernarfon, conveyancing formalities finalised 6 years ago. How much will my lease extension cost? Equivalent flats in Caernarfon with over 90 years remaining are worth £182,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease terminates on 21st October 2097
With only 72 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
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