Recently asked questions relating to Colwyn Bay leasehold conveyancing
My fiance and I may need to rent out our Colwyn Bay 1st floor flat temporarily due to a new job. We instructed a Colwyn Bay conveyancing practice in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Even though your previous Colwyn Bay conveyancing lawyer is not available you can check your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must obtain consent via your landlord or some other party before subletting. The net result is you not allowed to sublet in the absence of prior consent. Such consent should not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I have just appointed agents to market my basement apartment in Colwyn Bay.Conveyancing has not commenced but I have just had a yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am attracted to a two apartments in Colwyn Bay both have about 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Colwyn Bay. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area
I am a negotiator for a reputable estate agency in Colwyn Bay where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Colwyn Bay conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchaser.
What makes a Colwyn Bay lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Colwyn Bay. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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. Santander, Norwich and Peterborough Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
Colwyn Bay Leasehold Conveyancing - Examples of Queries before buying
Best to be warned if fixing the lift or some other major work is due in the foreseeable future that will be shared by the leasehold owners and may well materially impact the level of the maintenance fees or require a one off invoice.
Who manages the block?
What is the service charge and ground rent on the property?