I am in need of some leasehold conveyancing in Cardigan. 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 99.9% are in Cardigan - 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.

I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Cardigan. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Cardigan ?

Most houses in Cardigan are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Cardigan so you should seriously consider shopping around for a Cardigan conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

I am looking at a couple of flats in Cardigan which have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Cardigan is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and banks, 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 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 Cardigan conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

Can you offer any advice when it comes to appointing a Cardigan conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Cardigan conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Cardigan conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• How many lease extensions has the firm completed in Cardigan in the last twenty four months?

If all goes to plan we aim to complete the disposal of our £125000 apartment in Cardigan in 8 days. The management company has quoted £384 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Cardigan?

Cardigan conveyancing on leasehold apartments often involves the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be willing to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the invoice is technically not due. Reality however dictates that you have no choice but to pay whatever is demanded should you wish to sell the property.

Cardigan Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying

Plenty Cardigan leasehold properties will have a service charge for the upkeep of the building levied by the landlord. If you purchase the flat you will have to meet this amount, usually in instalments accross the year. This could differ from several hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, normally this is not a exorbitant sum, say approximately £25-£75 but you should to check it because sometimes it could be many hundreds of pounds. How many of the leaseholders are in arrears for their service charge payments? Its a good idea to find out as much as possible concerning the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to every day issues like the cleanliness of the common parts. Don't be afraid to ask prospective neighbours what they think of them. On a final note, be sure you know the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money.

Other Topics

Lease Extensions in Cardigan