My husband and I may need to let out our Ashton Under Lyne ground floor flat temporarily due to a career opportunity. We instructed a Ashton Under Lyne conveyancing firm in 2003 but they have since shut 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?

A lease dictates relations between the freeholder and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Ashton Under Lyne do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Expecting to complete next month on a garden flat in Ashton Under Lyne. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Ashton Under Lyne should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I have just appointed agents to market my basement flat in Ashton Under Lyne.Conveyancing has not commenced but I have just received a half-yearly service charge demand – Do I pay up?

It best that you discharge 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two maisonettes in Ashton Under Lyne both have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Ashton Under Lyne is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and banks, leases with less than 75 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 Ashton Under Lyne 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 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.

What are the frequently found defects that you come across in leases for Ashton Under Lyne properties?

There is nothing unique about leasehold conveyancing in Ashton Under Lyne. Most leases is drafted differently and drafting errors can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

Ashton Under Lyne Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

For most Ashton Under Lyne leaseholds the cost for major works tend not to be included within service charges, albeit that there some managing agents in Ashton Under Lyne ask tenants to pay into a sinking fund created for the specific intention of building a fund for major repairs or maintenance. How many of the leaseholders are in arrears for their service charge payments? The best form of lease arrangement is where the freehold title is owned by the leaseholders. In this scenario the leaseholders enjoy control and even though a managing agent is frequently retained if it is larger than a house conversion, the managing agent retained by the leaseholders.

Other Topics

Lease Extensions in Ashton Under Lyne