Examples of recent questions relating to leasehold conveyancing in Ebbw Vale
Having had my offer accepted I require leasehold conveyancing in Ebbw Vale. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and 99.9% are in Ebbw Vale - then the leasehold title will always include the basic details 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.
My fiance and I may need to let out our Ebbw Vale basement flat temporarily due to a new job. We used a Ebbw Vale conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Ebbw Vale conveyancing solicitor is no longer around you can review your lease to check if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or some other party before subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent must not not be unreasonably turned down. If the lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.
I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Ebbw Vale. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Ebbw Vale are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Ebbw Vale in which case you should be looking for a Ebbw Vale conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. 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 should advise you fully on all the issues.
I am employed by a long established estate agency in Ebbw Vale where we have witnessed a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Ebbw Vale conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is 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 buyer.
Can you offer any advice when it comes to choosing a Ebbw Vale conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Ebbw Vale conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Ebbw Vale conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How experienced is the firm with lease extension legislation?
I inherited a 1st floor flat in Ebbw Vale, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable flats in Ebbw Vale with over 90 years remaining are worth £184,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2071
With just 50 years left to run we estimate the premium for your lease extension to be between £39,000 and £45,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.