Top Five Questions relating to Colwyn Bay leasehold conveyancing
There are only Sixty One years unexpired on my lease in Colwyn Bay. I am keen to get lease extension but my landlord is can not be found. What are my options?
If 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 mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. In some cases an enquiry agent may be helpful to carry out a search and prepare an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court covering Colwyn Bay.
I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Colwyn Bay. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Colwyn Bay ?
Most houses in Colwyn Bay are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Colwyn Bay so you should seriously consider looking for a Colwyn Bay conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am employed by a busy estate agent office in Colwyn Bay where we have experienced a few leasehold sales put at risk due to short leases. I have received conflicting advice from local Colwyn Bay conveyancing solicitors. Can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
All being well we will complete the disposal of our £325000 apartment in Colwyn Bay in 5 days. The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Colwyn Bay?
For most leasehold sales in Colwyn Bay conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Colwyn Bay
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Are there common problems that you see in leases for Colwyn Bay properties?
There is nothing unique about leasehold conveyancing in Colwyn Bay. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- 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.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Bank of Scotland, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I invested in buying a garden flat in Colwyn Bay, conveyancing having been completed 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Colwyn Bay with over 90 years remaining are worth £246,000. The ground rent is £65 levied per year. The lease expires on 21st October 2091
You have 66 years unexpired the likely cost is going to be between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
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