I am on look out for some leasehold conveyancing in Rumney. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Rumney - 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've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Rumney. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Rumney ?

The majority of houses in Rumney are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Rumney so you should seriously consider looking for a Rumney 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 comes with conditions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.

I am looking at a two maisonettes in Rumney which have in the region of fifty years left on the leases. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to finding a Rumney conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Rumney conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Rumney conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the practice with lease extension legislation?

We expect to complete the sale of our £275000 flat in Rumney next week. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Rumney?

Rumney conveyancing on leasehold flats often requires the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be content to assist. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the charge is technically not due. In reality you have little option but to pay whatever is requested of you if you want to sell the property.

I inherited a leasehold flat in Rumney, conveyancing formalities finalised 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Rumney with an extended lease are worth £250,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2076

You have 51 years left to run we estimate the price of your lease extension to span between £36,100 and £41,800 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do 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. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Rumney