I want to sublet my leasehold flat in Bourton on the Water. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Even though your last Bourton on the Water conveyancing solicitor is not around you can review your lease to see if you are permitted to let out the apartment. The rule is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you must seek consent via your landlord or some other party prior to subletting. This means that you cannot sublet in the absence of first obtaining permission. Such consent should not be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I only have Seventy years unexpired on my lease in Bourton on the Water. I now want to extend my lease but my landlord is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the landlord. In some cases an enquiry agent may be useful to carry out a search and prepare an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Bourton on the Water.

I am tempted by the attractive purchase price for a couple of flats in Bourton on the Water both have approximately fifty years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Bourton on the Water is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and mortgage companies, leases with less than 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 Bourton on the Water 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 am employed by a long established estate agency in Bourton on the Water where we see a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Bourton on the Water conveyancing firms. Could you shed some light as to whether the owner 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 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 simultaneously with 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.

Do you have any top tips for leasehold conveyancing in Bourton on the Water from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Bourton on the Water can be bypassed if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ lawyers.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Bourton on the Water leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you fail to have the paperwork in place do not contact the landlord without contacting your solicitor first.

Bourton on the Water Conveyancing for Leasehold Flats - Examples of Queries before buying

Is the freehold reversion owned jointly by the tenants? Who is in charge of the building? Where a Bourton on the Water lease has fewer than eighty years it will impact the value of the property. Check with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would need to own the residence for a couple of years in order to be eligible to carry out a lease extension.

Other Topics

Lease Extensions in Bourton on the Water