Experts for Leasehold Conveyancing in Dyserth

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Questions and Answers: Dyserth leasehold conveyancing

I only have 72 years unexpired on my flat in Dyserth. I need to get lease extension but my freeholder is absent. 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 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. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Dyserth.

I am looking at a two apartments in Dyserth both have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Dyserth is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 Dyserth 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.

Can you offer any advice when it comes to choosing a Dyserth conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Dyserth conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Dyserth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Dyserth who can give a testimonial?

  • Can you provide any advice for leasehold conveyancing in Dyserth from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Dyserth can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers solicitors.
    • Many landlords or Management Companies in Dyserth charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Dyserth.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Dyserth leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you fail to have the paperwork in place you should not contact the landlord without checking with your solicitor before hand.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
  • You believe that you know the number of years left on your lease but you should double-check via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 apartment in Dyserth next Thursday . The landlords agents has quoted £336 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 flat conveyance in Dyserth?

    For most leasehold sales in Dyserth conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering pre-contract questions
    • Where consent is required before sale in Dyserth
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Dyserth leasehold premises is £350. For Dyserth conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

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

      The prefered form of lease structure is where the freehold reversion is owned by the leaseholders. In this situation the tenants have control and even though a managing agent is frequently retained where it is bigger than a house conversion, the managing agent is directed by the tenants. How many years remain on the lease? You will want to discover as much as you can about the company managing the block as they can either make your living at the property much simpler or a lot more difficult. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the cleanliness of the common parts. Enquire of prospective neighbours what they think of them. On a final note, be sure you understand the dates that the maintenance fees are due to the managing agents and specifically what it includes.

    Other Topics

    Lease Extensions in Dyserth