Top Five Questions relating to Ponthir leasehold conveyancing
I am in need of some leasehold conveyancing in Ponthir. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Ponthir - 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 would like to sublet my leasehold flat in Ponthir. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A small minority of properties in Ponthir do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Back In 2006, I bought a leasehold house in Ponthir. Conveyancing and Lloyds TSB Bank mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Ponthir who previously acted has long since retired.Do I pay?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Ponthir conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold property in Ponthir. 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 lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).
I work for a busy estate agent office in Ponthir where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Ponthir conveyancing solicitors. Could you clarify whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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.
I invested in buying a studio flat in Ponthir, conveyancing having been completed in 1999. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Ponthir with over 90 years remaining are worth £231,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2089
You have 63 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
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