Common questions relating to Nantyglo leasehold conveyancing
I am on look out for some leasehold conveyancing in Nantyglo. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Nantyglo - then the leasehold title will always include the short particulars 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 only have Sixty One years left on my lease in Nantyglo. I now wish to extend my lease but my landlord is missing. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to track down the freeholder. In some cases a specialist would be useful to conduct investigations and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Nantyglo.
I have just appointed agents to market my ground floor flat in Nantyglo.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – what should I do?
The sensible thing to do is discharge the invoice 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 looking at a two flats in Nantyglo which have in the region of forty five years unexpired 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 the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold flat in Nantyglo. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Nantyglo Conveyancing for Leasehold Flats - Sample of Queries before buying
This information is useful as a) areas may cause problems for the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the managing agents you will want to know about it
If a Nantyglo lease has less than eighty years it will impact the salability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this would cost. Remember, in most cases you will be required to have been the owner of the premises for a couple of years before you are entitled to extend the lease.
Does the lease contain onerous restrictions?