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Top Five Questions relating to Pentyrch leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Pentyrch. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and almost all are in Pentyrch - 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.

There are only 72 years left on my flat in Pentyrch. I now want to get lease extension but my freeholder is can not be found. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the lessor. For most situations an enquiry agent should be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Pentyrch.

I am a negotiator for a busy estate agent office in Pentyrch where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Pentyrch conveyancing firms. Can you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What advice can you give us when it comes to appointing a Pentyrch conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Pentyrch conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Pentyrch conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Can you provide any top tips for leasehold conveyancing in Pentyrch with the aim of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Pentyrch can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
    • Many freeholders or Management Companies in Pentyrch charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Pentyrch.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Pentyrch leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such alterations. If you dont have the approvals to hand you should not communicate with the landlord without contacting your conveyancer in advance.
  • Some Pentyrch leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Organising a duplicate share certificate can be a time consuming process and slows down many a Pentyrch conveyancing transaction. If a new share certificate is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

    • I own a 1st floor flat in Pentyrch, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Pentyrch with an extended lease are worth £247,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2095

    You have 70 years left to run the likely cost is going to span between £10,500 and £12,000 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Pentyrch