Due to sign contracts shortly on a garden flat in Mold. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

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

Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

Setting out your rights in respect of common areas in the block.For instance, does the lease provide for a right of way over a path or hallways?

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Whether your lease has a provision for a sinking fund?

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

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 details of the information to be included in your report on your leasehold property in Mold please ask your conveyancer in advance of your conveyancing in Mold

I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Mold. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Mold ?

Most houses in Mold are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Mold so you should seriously consider shopping around for a Mold conveyancing practitioner 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. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am attracted to a two apartments in Mold which have approximately 50 years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Mold is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. 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 property 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 Mold 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 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.

Completion in due on the sale of our £325000 apartment in Mold in six days. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Mold?

Mold conveyancing on leasehold maisonettes typically involves fees being raised by landlords agents :

• Completing pre-exchange questions
• Where consent is required before sale in Mold
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Mold leasehold premises is £350. For Mold 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 required to provide answers.

What makes a Mold lease problematic?

Leasehold conveyancing in Mold is not unique. Most leases are unique and drafting errors can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I am the registered owner of a leasehold flat in Mold, conveyancing formalities finalised in 2001. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Mold with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £55 levied per year. The lease expires on 21st October 2097

With 71 years remaining on your lease the likely cost is going to be between £10,500 and £12,000 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Mold