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Recently asked questions relating to Llanelli leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Llanelli. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Llanelli - then the leasehold title will always include the basic details 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.

Back In 2007, I bought a leasehold flat in Llanelli. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Llanelli who previously acted has now retired.Do I pay?

The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Llanelli conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Llanelli both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Llanelli. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a long established estate agency in Llanelli where we have experienced a few flat sales put at risk due to short leases. I have received contradictory information from local Llanelli conveyancing firms. Could you clarify whether the vendor of a flat can start 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 kick-start 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 before, 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 buyer.

Do you have any advice for leasehold conveyancing in Llanelli from the point of view of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Llanelli can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Llanelli leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. If you fail to have the approvals to hand do not contact the landlord without contacting your conveyancer before hand.
  • Some Llanelli leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I am the registered owner of a ground floor flat in Llanelli, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Llanelli with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £60 levied per year. The lease expires on 21st October 2102

    With 77 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed 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 considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Llanelli