I am in need of some leasehold conveyancing in Ferndale. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Ferndale - 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 am attracted to a two maisonettes in Ferndale both have in the region of forty five years left on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Ferndale is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and banks, 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 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 premises 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 Ferndale 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 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 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.

I am employed by a long established estate agency in Ferndale where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Ferndale conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 buyer.

All being well we will complete our sale of a £225000 maisonette in Ferndale next Monday . The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Ferndale?

Ferndale conveyancing on leasehold apartments often necessitates the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to complete the sale of your home.

What makes a Ferndale lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Ferndale. All leases is drafted differently and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Aldermore all have very detailed requirements 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 provide security, obliging the buyer to withdraw.

Ferndale Leasehold Conveyancing - Sample of Queries Prior to buying

The majority of Ferndale leasehold properties will be liable to pay a service bill for the upkeep of the block levied on behalf of the landlord. Where you purchase the property you will have to pay this charge, usually quarterly accross the year. This can vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a ground rent to be met annual, ordinarily this is not a exorbitant figure, say about £25-£75 but you should to enquire it because occasionally it could be many hundreds of pounds. Does the lease have onerous restrictions? Is there a share of the freehold?

Other Topics

Lease Extensions in Ferndale