Questions and Answers: Roath Park leasehold conveyancing
Helen (my wife) and I may need to let out our Roath Park basement flat for a while due to taking a sabbatical. We used a Roath Park conveyancing firm in 2004 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Roath Park conveyancing lawyer is not available you can review your lease to see if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain permission from your landlord or some other party prior to subletting. The net result is you not allowed to sublet without first obtaining consent. Such consent must not not be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
Looking forward to exchange soon on a studio apartment in Roath Park. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Roath Park should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Roath Park. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Roath Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Roath Park so you should seriously consider shopping around for a Roath Park conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
My wife and I purchased a leasehold flat in Roath Park. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Roath Park who previously acted has long since retired.Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Roath Park conveyancing firm 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of apartments in Roath Park which have in the region of forty five years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Roath Park is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat 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 property 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 Roath Park 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 the agreed 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.
Roath Park Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
In the main the outlay for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Roath Park ask leasehold owners to pay into a reserve fund and this is used to offset against larger works.
What is the name of the managing agents?
Best to be warned if window replacement or some other major work is pending to be shared amongst the leaseholders and may well dramatically increase the the maintenance fees or result in a one time payment.