I would like to let out my leasehold flat in Brighstone. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Some leases for properties in Brighstone do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I am hoping to exchange soon on a studio apartment in Brighstone. Conveyancing solicitors have said that they report fully tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Brighstone should include some of the following:

• You should receive a copy of the lease

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Brighstone. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Brighstone are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Brighstone in which case you should be looking for a Brighstone conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.

I am attracted to a two apartments in Brighstone both have about forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Brighstone is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than 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 Brighstone 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.

What are your top tips when it comes to choosing a Brighstone conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Brighstone conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Brighstone 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 practice with lease extension legislation?

Brighstone Leasehold Conveyancing - Examples of Questions you should consider Prior to buying

How many years are left on the lease? You will want to discover as much as you can about the company managing the building as they can either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day matters such as the cleanliness of the communal areas. Enquire of other tenants if they are happy with them. Finally, be sure you understand the dates that the maintenance charges are due to the managing agents and specifically how they are spending that money. Are there any major works in the near future that will increase the service charges?

Other Topics

Lease Extensions in Brighstone