Colwyn Bay leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Colwyn Bay. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Colwyn 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 intending to rent out my leasehold flat in Colwyn Bay. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs relations between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Colwyn Bay do not contain subletting altogether – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
There are only 62 years remaining on my flat in Colwyn Bay. I am keen to get lease extension but my freeholder is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to track down the freeholder. On the whole an enquiry agent should be useful to try and locate and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court overseeing Colwyn Bay.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Colwyn Bay. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Colwyn Bay ?
The majority of houses in Colwyn Bay are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Colwyn Bay in which case you should be looking for a Colwyn Bay conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of maisonettes in Colwyn Bay both have in the region of forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in Colwyn Bay. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area
I bought a 1st floor flat in Colwyn Bay, conveyancing formalities finalised in 2005. How much will my lease extension cost? Similar flats in Colwyn Bay with over 90 years remaining are worth £192,000. The ground rent is £45 yearly. The lease runs out on 21st October 2075
With only 50 years left to run the likely cost is going to span between £38,000 and £44,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing 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 are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
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