Questions and Answers: Mynydd Isa leasehold conveyancing
I am on look out for some leasehold conveyancing in Mynydd Isa. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Mynydd Isa - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have recently realised that I have 72 years unexpired on my flat in Mynydd Isa. I now wish to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent may be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Mynydd Isa.
I have just started marketing my ground floor apartment in Mynydd Isa.Conveyancing has not commenced but I have just received a yearly service charge invoice – what should I do?
It best that you discharge 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 management companies 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 maisonettes in Mynydd Isa both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Mynydd Isa is a wasting 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 purchasers 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 property 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 Mynydd Isa 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 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 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.
All being well we will complete the disposal of our £125000 apartment in Mynydd Isa next Thursday . The landlords agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Mynydd Isa?
Mynydd Isa conveyancing on leasehold flats typically results in administration charges levied by freeholders :
- Addressing pre-contract questions
- Where consent is required before sale in Mynydd Isa
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Mynydd Isa Leasehold Conveyancing - A selection of Questions you should ask before Purchasing
Best to be warned whether fixing the lift or some other major work is due shortly to be shared between the leasehold owners and will dramatically impact the level of the maintenance charges or result in a specific invoice.
This question is important as a) areas can result in problems for the building as the communal areas may start to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the running of the building you will wish to know about it
For most Mynydd Isa leaseholds the outlay for major works are not included within maintenance charges, although a few managing agents in Mynydd Isa obliged tenants to contribute towards a sinking fund created for the specific intention of building a fund for larger works.