My husband and I may need to sub-let our Cardiff Bay ground floor flat temporarily due to a new job. We instructed a Cardiff Bay 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?

Some leases for properties in Cardiff Bay do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see 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 consent.

I have recently realised that I have 72 years unexpired on my flat in Cardiff Bay. I now wish to get lease extension but my freeholder is missing. What options are available to me?

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 mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. For most situations a specialist may be helpful to carry out a search and to produce a report to be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Cardiff Bay.

Looking forward to exchange soon on a leasehold property in Cardiff Bay. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Cardiff Bay should include some of the following:

• How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
• Whether the lease restricts you from letting out the flat, or working from home
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What you can do if a neighbour breach a clause of their lease?
• What the implications are if you breach a clause of your lease?

I am tempted by the attractive purchase price for a two maisonettes in Cardiff Bay which have in the region of fifty years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Cardiff Bay is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Cardiff Bay 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.

What makes a Cardiff Bay lease problematic?

Leasehold conveyancing in Cardiff Bay is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Barnsley Building Society, and Bank of Ireland all have very detailed requirements 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, forcing the purchaser to withdraw.

I am the registered owner of a split level flat in Cardiff Bay, conveyancing having been completed 2005. How much will my lease extension cost? Similar flats in Cardiff Bay with over 90 years remaining are worth £193,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2101

With 75 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.