Various internet forums that I have frequented warn that are the number one reason for hinderance in Gower conveyancing transactions. Is that correct?

The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Gower.

I used Arc property Solicitors a few years past for my conveyancing in Gower. I now require my papers but cannot find the solicitor. What do I do?

Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Gower of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.

I opted to have a survey carried out on a property in Gower ahead of instructing lawyers. I have been told that there is a flying freehold element to the property. The surveyor has said that some mortgage companies will not grant a loan on such a premises.

It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Gower. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Gower to see if the conveyancing will be more expensive.

I am attracted to a couple of apartments in Gower which have approximately forty five years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Gower is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 a residence 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 Gower conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

I inherited a garden flat in Gower, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Gower with a long lease are worth £165,000. The ground rent is £45 yearly. The lease terminates on 21st October 50

With 50 years left to run we estimate the price of your lease extension to span between £36,100 and £41,800 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

We own a leasehold flat in Gower. Conveyancing was finalised in five years ago. I have been told that I should not allow the lease length get too short. Why is that a problem?

Gower domestic long term leases are for a fixed period - normally ninety nine years when they started. However many appartments in Gower were constructed or converted in the 60’s and so these leases now have fewer than eighty years left to run. This may sound like plenty of time but Banks, Building Societies and other mortgage lenders generally need leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To increase your property value you should be thinking about whether or not to extend your lease long before you come to sell it. You should note that there are significant benefits to doing so before the lease hits eighty years as when the lease is below eighty years the premium to be paid to extend starts to get a lot more expensive.