Having had my offer accepted I require leasehold conveyancing in Nefyn. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Nefyn - 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 today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Nefyn. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Nefyn are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Nefyn in which case you should be looking for a Nefyn conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am attracted to a couple of flats in Nefyn which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Nefyn is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under 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 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 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 Nefyn 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 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 any new 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.

Can you provide any advice for leasehold conveyancing in Nefyn from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Nefyn can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
• Many freeholders or managing agents in Nefyn charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Nefyn.

Completion in due on the sale of our £275000 apartment in Nefyn next Thursday . The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Nefyn?

Nefyn conveyancing on leasehold flats more often than not involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I own a split level flat in Nefyn, conveyancing formalities finalised 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Nefyn with a long lease are worth £245,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2082

With 57 years remaining on your lease we estimate the price of your lease extension to be between £22,800 and £26,400 plus professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Nefyn