I am on look out for some leasehold conveyancing in Pencoed. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and most are in Pencoed - then the leasehold title will always include the short particulars 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 only have Fifty years left on my lease in Pencoed. I now wish to extend my lease but my freeholder is can not be found. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the lessor. In some cases a specialist may be useful to try and locate and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Pencoed.

I am tempted by the attractive purchase price for a two apartments in Pencoed both have approximately 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Pencoed. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly 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 because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a long established estate agency in Pencoed where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Pencoed conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease 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. This means that the buyer can avoid having 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 buyer.

Do you have any top tips for leasehold conveyancing in Pencoed from the perspective of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Pencoed can be reduced 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 purchasers’ lawyers.
• Many landlords or Management Companies in Pencoed charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Pencoed.
• Some Pencoed leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 purchasers or their lawyers.
• If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Organising a new share certificate is often a lengthy formality and slows down many a Pencoed conveyancing transaction. If a new share certificate is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I am the registered owner of a 1 bedroom flat in Pencoed, conveyancing having been completed in 2003. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Pencoed with over 90 years remaining are worth £250,000. The ground rent is £60 per annum. The lease terminates on 21st October 2103

You have 77 years unexpired we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.