I would like to let out my leasehold apartment in Aldermanbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Notwithstanding that your previous Aldermanbury conveyancing lawyer is not around you can check your lease to see if it allows you to sublet the premises. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party in advance of 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 does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

Estate agents have just been given the go-ahead to market my basement flat in Aldermanbury.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – Do I pay up?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Aldermanbury. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Aldermanbury are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Aldermanbury so you should seriously consider shopping around for a Aldermanbury conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

Can you provide any top tips for leasehold conveyancing in Aldermanbury with the intention of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Aldermanbury can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers lawyers.
• Many freeholders or Management Companies in Aldermanbury levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Aldermanbury.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Aldermanbury leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer in advance.
• If you hold a share in a the Management Company, you should make sure that you hold the original share document. Arranging a new share certificate is often a lengthy formality and slows down many a Aldermanbury conveyancing deal. If a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check 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 under 75 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Aldermanbury. Can we issue an application to the Residential Property Tribunal Service?

Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the amount due.

An example of a Lease Extension case for a Aldermanbury residence is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The remaining number of years on the lease was 72.39 years.

When it comes to leasehold conveyancing in Aldermanbury what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Aldermanbury. All leases are individual and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Virgin Money, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

I am the registered owner of a leasehold flat in Aldermanbury, conveyancing was carried out in 2004. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Aldermanbury with an extended lease are worth £174,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2080

With just 54 years remaining on your lease we estimate the price of your lease extension to be between £30,400 and £35,200 as well as costs.

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 may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.