I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Gwernaffield. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Gwernaffield ?

Most houses in Gwernaffield are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Gwernaffield so you should seriously consider looking for a Gwernaffield conveyancing solicitor and be sure 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 entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.

My wife and I purchased a leasehold house in Gwernaffield. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Gwernaffield who previously acted has now retired.What should I do?

First contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Gwernaffield conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two flats in Gwernaffield which have in the region of forty five years unexpired on the leases. should I be concerned?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

I work for a long established estate agency in Gwernaffield where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Gwernaffield conveyancing firms. Please can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

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 provide any advice for leasehold conveyancing in Gwernaffield with the purpose of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Gwernaffield can be avoided where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
• Some Gwernaffield 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 financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.

I inherited a studio flat in Gwernaffield, conveyancing formalities finalised 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Gwernaffield with over 90 years remaining are worth £243,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2103

With 79 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Gwernaffield