Questions and Answers: Mold leasehold conveyancing
Helen (my wife) and I may need to let out our Mold 1st floor flat for a while due to taking a sabbatical. We used a Mold conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Mold do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have recently realised that I have Fifty years remaining on my lease in Mold. I now want to get lease extension but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the landlord. In some cases a specialist should be helpful to conduct investigations and to produce a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court covering Mold.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Mold. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Mold are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Mold in which case you should be looking for a Mold conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two apartments in Mold which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the 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 generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to choosing a Mold conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Mold conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Mold conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- Can they put you in touch with client in Mold who can give a testimonial?
I invested in buying a 2 bed flat in Mold, conveyancing was carried out 1995. How much will my lease extension cost? Equivalent flats in Mold with a long lease are worth £249,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2081
With only 56 years remaining on your lease the likely cost is going to be between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
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