I wish to rent out my leasehold flat in Treuddyn. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Notwithstanding that your previous Treuddyn conveyancing solicitor is no longer around you can review your lease to check if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or some other party prior to subletting. This means you not allowed to sublet without first obtaining consent. The consent should not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.

Looking forward to sign contracts shortly on a garden flat in Treuddyn. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Treuddyn should include some of the following:

• Does the lease require carpeting throughout thus preventing wood flooring?
• Does the lease prevent you from renting out the flat, or working from home
• You should be told what counts as a Nuisance in the lease
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• Responsibility for repairing the window frames
• What options are open to you if a neighbour is in violation of a provision in their lease?

I am looking at a two maisonettes in Treuddyn which have in the region of 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Treuddyn is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with under 75 years become less and less marketable. 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 premises 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 Treuddyn 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.

I am employed by a reputable estate agency in Treuddyn where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Treuddyn conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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 purchaser.

Can you provide any advice for leasehold conveyancing in Treuddyn with the purpose of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Treuddyn can be avoided where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Treuddyn leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Where you fail to have the paperwork in place you should not contact the landlord without contacting your lawyer before hand.
• Some Treuddyn leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
• If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a new share certificate is often a lengthy formality and delays many a Treuddyn home move. Where a new share is required, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I am the registered owner of a garden flat in Treuddyn, conveyancing formalities finalised 1997. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Treuddyn with a long lease are worth £238,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2087

With 61 years unexpired the likely cost is going to range between £23,800 and £27,400 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.