Recently asked questions relating to Glan Conwy leasehold conveyancing
I want to sublet my leasehold apartment in Glan Conwy. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
A lease governs the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Glan Conwy do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Glan Conwy. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Glan Conwy are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Glan Conwy in which case you should be looking for a Glan Conwy conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission 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 report to you on the legal implications.
I work for a long established estate agency in Glan Conwy where we have witnessed a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Glan Conwy conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities 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 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 simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Can you offer any advice when it comes to finding a Glan Conwy conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Glan Conwy conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Glan Conwy conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
Can you provide any advice for leasehold conveyancing in Glan Conwy from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Glan Conwy can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Glan Conwy leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Should you fail to have the approvals in place you should not contact the landlord without contacting your conveyancer in advance.
I acquired a 2 bed flat in Glan Conwy, conveyancing having been completed in 2000. Can you work out an approximate cost of a lease extension? Corresponding properties in Glan Conwy with a long lease are worth £224,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2081
With only 57 years remaining on your lease we estimate the premium for your lease extension to be between £25,700 and £29,600 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.