My partner and I may need to rent out our Aylesbury ground floor flat for a while due to taking a sabbatical. We instructed a Aylesbury conveyancing practice in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your last Aylesbury conveyancing solicitor is no longer around you can review your lease to see if it allows you to sublet the premises. The rule is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you need to seek consent from your landlord or some other party prior to subletting. This means that you cannot sublet without prior permission. The consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I am tempted by the attractive purchase price for a couple of apartments in Aylesbury both have in the region of fifty years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Aylesbury is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under eighty years become less and less attractive. 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 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 premises 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 Aylesbury 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I work for a long established estate agency in Aylesbury where we see a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Aylesbury conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What are your top tips when it comes to appointing a Aylesbury conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Aylesbury conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Aylesbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?
• How many lease extensions has the firm conducted in Aylesbury in the last year?

Can you provide any top tips for leasehold conveyancing in Aylesbury from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Aylesbury can be reduced if you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
• The majority freeholders or Management Companies in Aylesbury charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Aylesbury.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Aylesbury leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you dont have the approvals to hand do not contact the landlord without contacting your conveyancer before hand.
• If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
• You believe that you know the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

Aylesbury Leasehold Conveyancing - Examples of Queries Prior to buying

You should be aware that where the lease has no more than eighty years it will impact the salability of the apartment. Check with your lender that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this will be. For most Aylesburylease extensions you will be required to have owned the premises for 24 months before you are eligible to carry out a lease extension.