Jane (my partner) and I may need to sub-let our Banbury basement flat temporarily due to a new job. We instructed a Banbury conveyancing firm in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your last Banbury conveyancing lawyer is not around you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you need to seek permission via your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining permission. Such consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.

Estate agents have just been given the go-ahead to market my garden apartment in Banbury.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of maisonettes in Banbury both have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

I work for a long established estate agency in Banbury where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Banbury conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

All being well we will complete the sale of our £175000 flat in Banbury on Friday in a week. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Banbury?

Banbury conveyancing on leasehold maisonettes usually necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to exchange contracts with the buyer.

Leasehold Conveyancing in Banbury - Examples of Queries before buying

Where a Banbury lease has less than 80 years it will affect the marketability of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will be be obliged to have been the owner of the residence for a couple of years before you are eligible to extend the lease. What restrictions are contained in the Banbury Lease? How long is the Lease?

Other Topics

Lease Extensions in Banbury