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Examples of recent questions relating to leasehold conveyancing in Cardiff Bay

I am on look out for some leasehold conveyancing in Cardiff Bay. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Cardiff Bay - then the leasehold title will always include the basic details 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 am attracted to a couple of apartments in Cardiff Bay which have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Cardiff Bay. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming 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 difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

I work for a busy estate agent office in Cardiff Bay where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Cardiff Bay conveyancing solicitors. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 offer any advice when it comes to appointing a Cardiff Bay conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Cardiff Bay conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Cardiff Bay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • How many lease extensions have they completed in Cardiff Bay in the last year?
  • What are the costs for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Cardiff Bay from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Cardiff Bay can be bypassed where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors.
    • A minority of Cardiff Bay leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a duplicate share certificate is often a lengthy formality and frustrates many a Cardiff Bay conveyancing deal. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if applicable) 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 lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Cardiff Bay Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

      Is the freehold reversion owned jointly by the tenants? Be sure to investigate if the the lease includes any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Cardiff Bay. If you love the flatin Cardiff Bay however your dog can’t move with you then you have a very difficult determination. What is the the remaining lease term?

    Other Topics

    Lease Extensions in Cardiff Bay