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When it comes to leasehold conveyancing in Ystrad Mynach, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Lloyds, RBS or Nationwide make sure you choose a lawyer on their panel. Feel free to use our search tool

Frequently asked questions relating to Ystrad Mynach leasehold conveyancing

I only have Fifty years remaining on my lease in Ystrad Mynach. I need to extend my lease but my landlord is missing. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the landlord. On the whole an enquiry agent should be useful to conduct investigations and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Ystrad Mynach.

I am looking at a two flats in Ystrad Mynach both have about fifty years left on the leases. Do I need to be concerned?

There are plenty of short leases in Ystrad Mynach. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena

I work for a busy estate agency in Ystrad Mynach where we have witnessed a few flat sales derailed due to short leases. I have received contradictory information from local Ystrad Mynach conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension process 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 proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 buyer.

What advice can you give us when it comes to finding a Ystrad Mynach conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Ystrad Mynach conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Ystrad Mynach conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How familiar is the firm with lease extension legislation?
  • What volume of lease extensions have they completed in Ystrad Mynach in the last 12 months?

    • Do you have any top tips for leasehold conveyancing in Ystrad Mynach from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Ystrad Mynach can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • Many landlords or Management Companies in Ystrad Mynach charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Ystrad Mynach.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Ystrad Mynach state that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such alterations. If you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer first.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I purchased a 1 bedroom flat in Ystrad Mynach, conveyancing formalities finalised 2001. Can you work out an approximate cost of a lease extension? Comparable properties in Ystrad Mynach with a long lease are worth £251,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2104

    With 78 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered 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.

    Other Topics

    Lease Extensions in Ystrad Mynach