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Questions and Answers: Pembroke Dock leasehold conveyancing

I am on look out for some leasehold conveyancing in Pembroke Dock. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Pembroke Dock - 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.

Due to sign contracts shortly on a basement flat in Pembroke Dock. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Are you allowed to have a pet in the flat?
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be included in your report on your leasehold property in Pembroke Dock please enquire of your lawyer in advance of your conveyancing in Pembroke Dock

    • I own a leasehold house in Pembroke Dock. Conveyancing and Barclays Direct mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Pembroke Dock who previously acted has now retired.What should I do?

    The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Pembroke Dock conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a couple of flats in Pembroke Dock which have about forty five 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 Pembroke Dock is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat 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 property 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 Pembroke Dock 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 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.

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

    • Much of the delay in leasehold conveyancing in Pembroke Dock can be avoided where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers conveyancers.
    • Many freeholders or managing agents in Pembroke Dock charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Pembroke Dock.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Pembroke Dock state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. Where you fail to have the consents in place do not contact the landlord without checking with your lawyer first.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may need to swallow your pride 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 details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to double-check via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Pembroke Dock Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

      It is important to be aware if a new roof is being put on or some other significant cost is anticipated to be shared between the tenants and will materially impact the level of the maintenance fees or result in a one off payment. How much is the annual maintenance fee and ground rent? It would be prudent to investigate if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being permitted in in a block in Pembroke Dock. If you like the apartmentin Pembroke Dock but your cat is not allowed to make the move with you then you have a very hard determination.

    Other Topics

    Lease Extensions in Pembroke Dock