Recently asked questions relating to Radyr leasehold conveyancing
I am on look out for some leasehold conveyancing in Radyr. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Radyr - 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.
I would like to rent out my leasehold flat in Radyr. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease dictates the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Radyr do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I am looking at a couple of apartments in Radyr which have in the region of fifty years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Radyr. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a busy estate agent office in Radyr where we see a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Radyr conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser 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.
If all goes to plan we aim to complete the sale of our £450000 apartment in Radyr in just under a week. The freeholder has quoted £312 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Radyr?
Radyr conveyancing on leasehold maisonettes normally involves the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I bought a split level flat in Radyr, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Radyr with a long lease are worth £239,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease terminates on 21st October 2071
You have 50 years left to run we estimate the price of your lease extension to range between £37,100 and £42,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously 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.