Planning to complete next month on a leasehold property in Cwmbran. Conveyancing lawyers inform me that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Cwmbran should include some of the following:

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Cwmbran. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in Cwmbran are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Cwmbran so you should seriously consider shopping around for a Cwmbran conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.

I work for a busy estate agent office in Cwmbran where we have witnessed a number of flat sales derailed due to short leases. I have received inconsistent advice from local Cwmbran conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

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 advice can you give us when it comes to choosing a Cwmbran conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Cwmbran conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Cwmbran conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• What volume of lease extensions has the firm conducted in Cwmbran in the last twenty four months?

We expect to complete our sale of a £250000 maisonette in Cwmbran on Friday in a week. The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Cwmbran?

Cwmbran conveyancing on leasehold flats more often than not involves the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the charge is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

I own a 2 bed flat in Cwmbran, conveyancing having been completed 2007. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Cwmbran with over 90 years remaining are worth £242,000. The ground rent is £45 levied per year. The lease ends on 21st October 2090

With 65 years left to run we estimate the price of your lease extension to be between £16,200 and £18,600 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.

Other Topics

Lease Extensions in Cwmbran