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Recently asked questions relating to Llanrwst leasehold conveyancing

There are only Sixty One years unexpired on my lease in Llanrwst. I need to extend my lease but my freeholder is absent. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to find the freeholder. On the whole a specialist would be helpful to carry out a search and prepare an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Llanrwst.

Due to sign contracts shortly on a basement flat in Llanrwst. Conveyancing solicitors inform me that they report fully next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Llanrwst should include some of the following:

  • The physical extent of the property. This will be the apartment itself but may incorporate a roof space or cellar if appropriate.
  • Setting out your rights in relation to the communal areas in the block.E.G., does the lease include a right of way over a path or staircase?
  • Does the lease prevent you from renting out the property, or working from home
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Llanrwst please ask your lawyer in ahead of your conveyancing in Llanrwst

    • I am attracted to a couple of apartments in Llanrwst both have in the region of fifty years left on the leases. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Llanrwst is a deteriorating 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 buyers and lenders, 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 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 Llanrwst 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 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 the agreed 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've recently bought a leasehold flat in Llanrwst. Do I have any liability for service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    Can you provide any advice for leasehold conveyancing in Llanrwst from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Llanrwst can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Llanrwst charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Llanrwst.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Llanrwst state that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. Should you dont have the consents to hand you should not contact the landlord without contacting your solicitor before hand.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. 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 pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate is often a time consuming formality and frustrates many a Llanrwst conveyancing transaction. Where a duplicate share is needed, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • Llanrwst Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

      The answer will be useful as a) areas could result in problems in the block as the common areas may start to deteriorate where maintenance are not paid for b) if the tenants have an issue with the managing agents you will want to know about it How is the lease structured? Many Llanrwst leasehold properties will incur a service charge for the upkeep of the block levied by the freeholder. Where you acquire the flat you will have to meet this contribution, usually in instalments accross the year. This could vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a ground rent to be met yearly, normally this is not a large figure, say approximately £25-£75 but you need to enquire it because on occasion it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Llanrwst