Examples of recent questions relating to leasehold conveyancing in Rhiwbina
I am in need of some leasehold conveyancing in Rhiwbina. 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 most are in Rhiwbina - 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.
Helen (my wife) and I may need to let out our Rhiwbina ground floor flat temporarily due to a career opportunity. We instructed a Rhiwbina conveyancing practice in 2003 but they have since shut and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Rhiwbina do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates 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 consent.
I am tempted by the attractive purchase price for a two flats in Rhiwbina which have about fifty years unexpired on the leases. Do I need to be concerned?
There are plenty of short leases in Rhiwbina. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agent office in Rhiwbina where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Rhiwbina conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that 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 can avoid having to sit tight for 2 years to extend their lease. 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 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.
Can you provide any top tips for leasehold conveyancing in Rhiwbina with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Rhiwbina can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
- Many landlords or managing agents in Rhiwbina charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Rhiwbina.
Rhiwbina Leasehold Conveyancing - Examples of Queries Prior to Purchasing
Please note that where the lease has less than eighty years it will have adverse implications on the salability of the apartment. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering how much this would cost. For most Rhiwbinalease extensions you would be be obliged to have owned the property for 24 months in order to be eligible to extend the lease.
You will want to find out as much as you can regarding the company managing the block as they can either make living at the property much easier or problematic. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the cleanliness of the communal areas. Enquire of other tenants if they are happy with them. In conclusion, be sure you discover the dates that the maintenance charges are due to the managing agents and specifically how they are spending the funds.
Can you inform me if there are any major works in the planning that will likely add a premium to the service costs?