I am hoping to exchange soon on a leasehold property in Nantyglo. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• 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?
• Repair and maintenance of the flat
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property 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

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Nantyglo. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Nantyglo are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Nantyglo so you should seriously consider shopping around for a Nantyglo conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I am attracted to a two maisonettes in Nantyglo which have in the region of forty five years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Nantyglo is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and banks, leases with less than eighty years become less and less marketable. 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 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 Nantyglo 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.

Last month I purchased a leasehold house in Nantyglo. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Nantyglo from the perspective of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Nantyglo can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information needed by the buyers lawyers.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Nantyglo leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the paperwork in place do not communicate with the landlord without contacting your solicitor in the first instance.
• A minority of Nantyglo leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Organising a replacement share certificate is often a time consuming process and frustrates many a Nantyglo home move. Where a duplicate share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but you should double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

Leasehold Conveyancing in Nantyglo - A selection of Queries Prior to Purchasing

Please tell me if there are any major works in the planning that could add a premium to the service fees? How is the lease structured? It is important to be aware whether window replacement or some other significant cost is due shortly to be shared between the leaseholders and will materially increase the the maintenance charges or result in a specific payment.