Harry (my fiance) and I may need to rent out our Llandudno garden flat temporarily due to a new job. We used a Llandudno conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?

Your lease governs the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Llandudno do not contain subletting altogether – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I have recently realised that I have 62 years remaining on my flat in Llandudno. I need to get lease extension but my landlord is absent. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have done all that could be expected to find the lessor. For most situations a specialist should be helpful to carry out a search and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Llandudno.

Due to sign contracts shortly on a leasehold property in Llandudno. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Llandudno should include some of the following:

• The total extent of the property. This will be the property itself but could also incorporate a loft or cellar if applicable.

I am looking at a two apartments in Llandudno which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Llandudno is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 Llandudno 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.

When it comes to leasehold conveyancing in Llandudno what are the most frequent lease problems?

Leasehold conveyancing in Llandudno is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• 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

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

I purchased a leasehold flat in Llandudno, conveyancing was carried out 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Llandudno with over 90 years remaining are worth £225,000. The ground rent is £65 levied per year. The lease ends on 21st October 2078

With just 53 years unexpired we estimate the premium for your lease extension to range between £34,200 and £39,600 as well as legals.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. 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. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Llandudno