Guaranteed fixed fees for Leasehold Conveyancing in Llangefni

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Llangefni, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Llangefni leasehold conveyancing: Q and A’s

My wife and I may need to sub-let our Llangefni 1st floor flat temporarily due to a new job. We used a Llangefni conveyancing firm in 2003 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?

Even though your previous Llangefni conveyancing solicitor is no longer around you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek permission from your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of prior consent. The consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

I am tempted by the attractive purchase price for a two flats in Llangefni which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

I am a negotiator for a reputable estate agency in Llangefni where we have experienced a few leasehold sales derailed due to short leases. I have been given conflicting advice from local Llangefni conveyancing firms. Please can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 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 sale.

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.

Can you offer any advice when it comes to appointing a Llangefni conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Llangefni conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Llangefni conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • What volume of lease extensions has the firm completed in Llangefni in the last 12 months?

    • Do you have any top tips for leasehold conveyancing in Llangefni from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Llangefni can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers representatives.
    • Many freeholders or Management Companies in Llangefni charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Llangefni.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Llangefni leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord approving such works. Where you dont have the approvals to hand you should not contact the landlord without contacting your lawyer in advance.
  • A minority of Llangefni leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand 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 buyers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved.

    • I purchased a basement flat in Llangefni, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Llangefni with a long lease are worth £182,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2081

    With just 56 years unexpired we estimate the premium for your lease extension to span between £25,700 and £29,600 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Llangefni