Experts for Leasehold Conveyancing in Monmouth

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Recently asked questions relating to Monmouth leasehold conveyancing

There are only 72 years unexpired on my lease in Monmouth. I am keen to extend my lease but my freeholder is missing. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. In some cases a specialist should be useful to try and locate and to produce 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 investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Monmouth.

Looking forward to complete next month on a basement flat in Monmouth. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the property. This will be the flat itself but could also include a loft or basement if appropriate.
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a reserve fund?
  • 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
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Monmouth please ask your solicitor in advance of your conveyancing in Monmouth

    • I have just started marketing my garden flat in Monmouth.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

    It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a couple of flats in Monmouth which have about 50 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 a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

    Can you provide any top tips for leasehold conveyancing in Monmouth from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Monmouth can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • Many freeholders or managing agents in Monmouth charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Monmouth.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Monmouth leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Should you dont have the approvals to hand you should not contact the landlord without contacting your conveyancer before hand.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. 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 clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Obtaining a re-issued share certificate is often a lengthy process and slows down many a Monmouth home move. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • I bought a split level flat in Monmouth, conveyancing formalities finalised 2000. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Monmouth with over 90 years remaining are worth £264,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2080

    With 55 years left to run we estimate the price of your lease extension to range between £30,400 and £35,200 as well as costs.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Monmouth