I am on look out for some leasehold conveyancing in Dinas Powys. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Dinas Powys - 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 would like to sublet my leasehold apartment in Dinas Powys. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your last Dinas Powys conveyancing lawyer is no longer around you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you are obliged to seek consent via your landlord or other appropriate person before subletting. This means that you cannot sublet in the absence of first obtaining permission. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

I have recently realised that I have Sixty One years left on my flat in Dinas Powys. I am keen to get lease extension but my freeholder is can not be found. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. In some cases a specialist may be useful to try and locate and to produce an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Dinas Powys.

I am looking at a couple of flats in Dinas Powys both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Dinas Powys is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive 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 property 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 Dinas Powys 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 any new 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.

I am employed by a busy estate agent office in Dinas Powys where we have witnessed a few leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Dinas Powys conveyancing firms. Can you confirm whether the seller of a flat can commence 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 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible 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 buyer.

Leasehold Conveyancing in Dinas Powys - A selection of Questions you should ask Prior to Purchasing

What is the the remaining lease term? Its a good idea to discover as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the communal areas. Don't be shy to ask other people if they are happy with their service. In conclusion, find out the dates that the service fees are due to the appropriate party and specifically what you get for your money. What prohibitions are contained in the Dinas Powys Lease?

Other Topics

Lease Extensions in Dinas Powys