Llandudno leasehold conveyancing Example Support Desk Enquiries
Expecting to exchange soon on a garden flat in Llandudno. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Llandudno should include some of the following:
- The total extent of the demise. This will be the apartment itself but may incorporate a roof space or cellar if applicable.
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Llandudno. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Llandudno ?
The majority of houses in Llandudno are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Llandudno in which case you should be shopping around for a Llandudno conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I own a leasehold house in Llandudno. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Llandudno who acted for me is not around.Do I pay?
First contact HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Llandudno conveyancing solicitor to do this as it can be done on-line for £3. You should note 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 tempted by the attractive purchase price for a couple of maisonettes in Llandudno both have approximately 50 years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Llandudno is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Can you offer any advice when it comes to appointing a Llandudno conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Llandudno conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Llandudno conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How experienced is the practice with lease extension legislation?
I invested in buying a leasehold flat in Llandudno, conveyancing having been completed 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Llandudno with a long lease are worth £229,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2097
You have 75 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.