Lisvane leasehold conveyancing: Q and A’s
I wish to rent out my leasehold apartment in Lisvane. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Lisvane do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have recently realised that I have Fifty years remaining on my flat in Lisvane. I am keen to get lease extension but my landlord is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the freeholder. In some cases a specialist would be helpful to try and locate and to produce an expert document which can be used as evidence that the freeholder 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 overseeing Lisvane.
My wife and I purchased a leasehold flat in Lisvane. Conveyancing and Santander mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Lisvane who acted for me is not around.Do I pay?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Lisvane conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am employed by a reputable estate agency in Lisvane where we have witnessed a few flat sales derailed due to short leases. I have been given contradictory information from local Lisvane conveyancing solicitors. Can you confirm whether the seller of a flat can initiate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
Do you have any advice for leasehold conveyancing in Lisvane from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lisvane can be avoided where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Lisvane levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Lisvane.
I invested in buying a basement flat in Lisvane, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Lisvane with an extended lease are worth £221,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2098
With 78 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.