Rhiwbina leasehold conveyancing: Q and A’s
I only have Fifty years unexpired on my flat in Rhiwbina. I now want to get lease extension but my landlord is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. In some cases an enquiry agent may be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Rhiwbina.
Estate agents have just been given the go-ahead to market my ground floor apartment in Rhiwbina.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am looking at a couple of flats in Rhiwbina both have approximately fifty years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Rhiwbina is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Rhiwbina 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
What advice can you give us when it comes to appointing a Rhiwbina conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Rhiwbina conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Rhiwbina conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- How experienced is the firm with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Rhiwbina from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Rhiwbina can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
- Many freeholders or managing agents in Rhiwbina levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Rhiwbina.
Rhiwbina Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
Who takes charge for maintaining and repairing the building?
Many Rhiwbina leasehold apartments will be liable to pay a service charge for maintenance of the block set by the landlord. If you purchase the property you will have to meet this charge, normally in instalments accross the year. This can differ from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a rentcharge for you to pay yearly, ordinarily this is not a significant sum, say around £25-£75 but you need to enquire as occasionally it can be many hundreds of pounds.
Is the freehold owned collectively by the leaseholders?