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Property Knowledge


Legal Questions & Answers Get all your legal questions answered with our resident solicitor Mark Hobbs, Managing par tner of Howells Solicitors.


Q


I own the lease on a first floor flat in a Victorian house. I want to buy the


loſt from the freeholder so I can build a bedroom and en suite and effectively create a new floor to the flat. Tere is a ground floor flat but access to the loſt is only through my home. I have about 98 years leſt on my lease. If I was to succeed in agreeing a price with the freeholder, can you tell me how this would affect the lease? Is there anything else I should be taking into consideration?


apartment, and the freeholder will wish the premium you pay to reflect this. It would be sensible for you to instruct a surveyor to advise you regarding the value of the loſt space so that you do not overpay your freeholder. Your freeholder would also expect you to pay their legal and surveyor’s costs relating to your purchase of the loſt space. In addition to the premium your service charge may increase as you would have an extra floor in the building. Te terms of your lease would need to be varied to deal with matters such as an increase in service charge, and the demise of the loſt space to you. As your lease has only 98 years


A


Te loſt conversion you are planning is likely to increase the value of your


leſt, see if your freeholder will extend its term. Tis issue could be dealt with in the deed of variation changing the terms of your lease. You will need building regulations approval, listed building consent if the building is listed and possibly planning permission.


Q


Our home has increased significantly in value since we bought it 30 years


ago. We have paid off our mortgage. My husband and I are due to retire in the next couple of years, but we both have very small pensions. We would like to use the equity in our home but do not want to move. We have heard of equity release and lifetime mortgages and we wonder, is this where you sell part of your property and lease it back?


A


Equity release is useful if you are property rich and cash poor. A home


reversion plan involves all or part of your home to a reversion plan provider in return for a tax-free lump sum and a guaranteed lease of your home for your lifetime. Tere are no rental or monthly payments. Interest does not accrue. On your death or if you go into long term care, your property would be sold and the provider repaid. A lifetime


Multi-Award Winning Conveyancing Please call us or freephone 0808 178 2773 or email info@howellslegal.comFitzalan House, Fitzalan Court, Fitzalan Road, Cardiff CF24 0EL


mortgage is a long term loan secured on your home. Again, there are no monthly payments. Compound interest is added to the loan, which increases accordingly. Te loan and accrued interest are repaid when your home is sold, either upon your death or if you go into long term care. However there are various types of a lifetime mortgage, for example, protected lifetime mortgages where an inheritance can be guaranteed, and interest payment lifetime mortgages. Take expert advice and make sure you fully understand all the terms and conditions before committing. Also discuss it with your family. Remember that equity release can affect any welfare benefits you receive.


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