I want to sublet my leasehold flat in Crickhowell. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

The lease dictates relations between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Crickhowell do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Crickhowell. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Crickhowell ?

The majority of houses in Crickhowell are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Crickhowell in which case you should be looking for a Crickhowell conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am looking at a two apartments in Crickhowell which have in the region of fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Crickhowell is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. 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 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 a residence 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 Crickhowell 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 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.

We expect to complete the disposal of our £475000 flat in Crickhowell on Tuesday in a week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Crickhowell?

Crickhowell conveyancing on leasehold apartments usually involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They may invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to complete the sale of your home.

What makes a Crickhowell lease unmortgageable?

Leasehold conveyancing in Crickhowell is not unique. All leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

I acquired a 2 bed flat in Crickhowell, conveyancing was carried out 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Crickhowell with an extended lease are worth £225,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2077

You have 52 years remaining on your lease we estimate the price of your lease extension to span between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Crickhowell