I am intending to sublet my leasehold apartment in Boreham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Your lease dictates relations between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Boreham do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Having checked my lease I have discovered that there are only 62 years left on my flat in Boreham. I now wish to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. On the whole a specialist may be useful to carry out a search and prepare a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Boreham.

I am looking at a two apartments in Boreham which have approximately fifty years remaining on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Boreham 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 premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 Boreham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

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

• A significant proportion of the frustration in leasehold conveyancing in Boreham can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
• Many freeholders or Management Companies in Boreham charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Boreham.

We expect to complete our sale of a £475000 maisonette in Boreham on Monday in a week. The landlords agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Boreham?

Boreham conveyancing on leasehold apartments often necessitates the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are entitled levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

I invested in buying a leasehold flat in Boreham, conveyancing having been completed 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Boreham with a long lease are worth £220,000. The ground rent is £60 yearly. The lease terminates on 21st October 2085

You have 60 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Boreham