Common questions relating to Glan Conwy leasehold conveyancing
I am on look out for some leasehold conveyancing in Glan Conwy. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Glan Conwy - 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.
I have recently realised that I have 72 years unexpired on my flat in Glan Conwy. I now wish to extend my lease but my freeholder is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. On the whole a specialist may be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Glan Conwy.
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Glan Conwy. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Glan Conwy are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Glan Conwy in which case you should be shopping around for a Glan Conwy conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
Last month I purchased a leasehold house in Glan Conwy. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am employed by a reputable estate agency in Glan Conwy where we have experienced a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Glan Conwy conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as 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 buyer need not have to wait 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 simultaneously with completion of the disposal of the property.
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.
I invested in buying a ground floor flat in Glan Conwy, conveyancing formalities finalised 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Glan Conwy with a long lease are worth £196,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2074
With 50 years remaining on your lease we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
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