Tredegar leasehold conveyancing: Q and A’s
I have recently realised that I have 72 years left on my flat in Tredegar. I now want to extend my lease but my landlord is can not be found. 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 lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the landlord. In some cases a specialist may be helpful to try and locate and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the application to the County Court covering Tredegar.
Planning to exchange soon on a studio apartment in Tredegar. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Tredegar should include some of the following:
- The physical extent of the property. This will be the flat itself but may incorporate a roof space or cellar if applicable.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Tredegar. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Tredegar are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Tredegar so you should seriously consider shopping around for a Tredegar conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
Last month I purchased a leasehold property in Tredegar. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
If all goes to plan we aim to complete the sale of our £475000 flat in Tredegar next week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Tredegar?
Tredegar conveyancing on leasehold flats normally involves the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to 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 administration charge demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I acquired a basement flat in Tredegar, conveyancing formalities finalised in 1998. How much will my lease extension cost? Equivalent flats in Tredegar with a long lease are worth £257,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2089
With 68 years unexpired the likely cost is going to be between £14,300 and £16,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.