I would like to let out my leasehold apartment in Llantwit Major. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

The lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Llantwit Major do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I am hoping to exchange soon on a studio apartment in Llantwit Major. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark

I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Llantwit Major. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Llantwit Major ?

Most houses in Llantwit Major are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Llantwit Major in which case you should be shopping around for a Llantwit Major conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

I am attracted to a couple of apartments in Llantwit Major both have in the region of forty five years unexpired on the leases. should I be concerned?

There are plenty of short leases in Llantwit Major. The lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I am employed by a long established estate agency in Llantwit Major where we see a few flat sales derailed as a result of short leases. I have received contradictory information from local Llantwit Major conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 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 purchaser.

Leasehold Conveyancing in Llantwit Major - Sample of Questions you should consider Prior to Purchasing

How many of the leaseholders are in arrears for their service charge payments? Make sure you investigate if the the lease includes any adverse restrictions in the lease. For instance it is very common in Llantwit Major leases that pets are not allowed in certain buildings in Llantwit Major. If you love the propertyin Llantwit Major but your dog is not allowed to make the move with you then you will be faced difficult determination. Is anyone aware of any major works on the horizon that could add a premium to the maintenance charges?

Other Topics

Lease Extensions in Llantwit Major