I am on look out for some leasehold conveyancing in Amble. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and most are in Amble - then the leasehold title will always include the basic details 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.

Helen (my wife) and I may need to let out our Amble ground floor flat temporarily due to a new job. We instructed a Amble conveyancing practice in 2004 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?

The lease governs the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Amble do not prevent subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am looking at a couple of flats in Amble both have in the region of 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Amble is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Amble conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

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

• A significant proportion of the delay in leasehold conveyancing in Amble can be bypassed if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
• The majority freeholders or Management Companies in Amble levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Amble.

Are there frequently found deficiencies that you encounter in leases for Amble properties?

There is nothing unique about leasehold conveyancing in Amble. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• 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

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

I acquired a basement flat in Amble, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Amble with a long lease are worth £215,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2089

You have 63 years remaining on your lease we estimate the price of your lease extension to be between £19,000 and £22,000 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

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Lease Extensions in Amble