Having had my offer accepted I require leasehold conveyancing in Hengoed. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Hengoed - 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 want to sublet my leasehold flat in Hengoed. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Even though your previous Hengoed conveyancing solicitor is no longer available you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission via your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

I am attracted to a couple of flats in Hengoed both have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Hengoed is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Hengoed 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

Do you have any top tips for leasehold conveyancing in Hengoed with the intention of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Hengoed can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
• Many freeholders or Management Companies in Hengoed levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Hengoed.

In relation to leasehold conveyancing in Hengoed what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Hengoed. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Barnsley Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

Hengoed Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

The best form of lease structure is where the freehold title is owned by the leaseholders. In this situation the leaseholders have control and even though a managing agent is usually retained if it is larger than a house conversion, the managing agent employed by the leaseholders. Does the lease have onerous restrictions? In the main the cost for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Hengoed ask leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger works.

Other Topics

Lease Extensions in Hengoed