I am in need of some leasehold conveyancing in Llanarth. Before I get started I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Llanarth - 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 looking at a couple of apartments in Llanarth both have in the region of fifty years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Llanarth is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Llanarth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 a negotiator for a long established estate agency in Llanarth where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Llanarth conveyancing firms. 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 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 for a lease extension. 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 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.

Can you offer any advice when it comes to choosing a Llanarth conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Llanarth conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Llanarth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If the firm is not ALEP accredited then what is the reason?

Do you have any advice for leasehold conveyancing in Llanarth with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Llanarth can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
• The majority landlords or managing agents in Llanarth levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Llanarth.

I own a split level flat in Llanarth, conveyancing was carried out 1997. Can you work out an approximate cost of a lease extension? Comparable properties in Llanarth with a long lease are worth £241,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2099

With 74 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 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 cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Llanarth