I am in need of some leasehold conveyancing in Bloxwich. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Bloxwich - 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.

Harry (my fiance) and I may need to let out our Bloxwich 1st floor flat temporarily due to taking a sabbatical. We instructed a Bloxwich conveyancing firm in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Even though your previous Bloxwich conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you are obliged to obtain consent via your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I am looking at a couple of flats in Bloxwich which have about forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Bloxwich 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 marketability of the property. The majority of purchasers and mortgage companies, leases with under 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 property 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 a residence 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 Bloxwich 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.

I work for a busy estate agency in Bloxwich where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Bloxwich conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

What advice can you give us when it comes to choosing a Bloxwich conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Bloxwich conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Bloxwich 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:

• How familiar is the firm with lease extension legislation?

Leasehold Conveyancing in Bloxwich - Examples of Queries Prior to buying

How is the lease structured? It is important to be aware if changing the roof or some other major work is coming up that will be shared between the leaseholders and may well dramatically increase the the maintenance fees or necessitate a one time payment. How much is the ground rent and service charge?

Other Topics

Lease Extensions in Bloxwich