I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Magor. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Magor ?

Most houses in Magor are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Magor in which case you should be looking for a Magor conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.

My wife and I purchased a leasehold flat in Magor. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Magor who acted for me is not around.What should I do?

The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Magor conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Magor which have about fifty years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Magor is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and banks, leases with under 75 years become less and less attractive. 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 a residence 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 Magor 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

If all goes to plan we aim to complete our sale of a £475000 flat in Magor in just under a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Magor?

Magor conveyancing on leasehold maisonettes nine out of ten times necessitates fees being levied by management companies :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Magor
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Magor leasehold property is £350. For Magor conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

When it comes to leasehold conveyancing in Magor what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Magor. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

I am the registered owner of a studio flat in Magor, conveyancing formalities finalised 1996. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Magor with a long lease are worth £258,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2080

With 55 years unexpired the likely cost is going to be between £28,500 and £33,000 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Magor