Having had my offer accepted I require leasehold conveyancing in Lisvane. Before diving in I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Lisvane - 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.

Jane (my partner) and I may need to sub-let our Lisvane 1st floor flat temporarily due to taking a sabbatical. We instructed a Lisvane conveyancing firm in 2002 but they have closed 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?

Your lease dictates relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Lisvane do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am looking at a couple of flats in Lisvane both have in the region of forty five years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Lisvane. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

I am employed by a reputable estate agency in Lisvane where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Lisvane conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as 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. The benefit of this is 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 needs to be completed prior to, or at the same time as completion of the disposal of the property.

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 buyer.

What makes a Lisvane lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Lisvane. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses 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.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

I am the registered owner of a ground floor flat in Lisvane, conveyancing was carried out in 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Lisvane with an extended lease are worth £240,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2087

You have 61 years left to run the likely cost is going to be between £21,900 and £25,200 plus professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.