I am on look out for some leasehold conveyancing in Carisbrooke. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is registered - and most are in Carisbrooke - then the leasehold title will always include the short particulars 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.

My wife and I may need to rent out our Carisbrooke basement flat for a while due to a new job. We instructed a Carisbrooke conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Notwithstanding that your last Carisbrooke conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the premises. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you are obliged to obtain consent from 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 does not allow you to sublet you should ask your landlord for their consent.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Carisbrooke. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Carisbrooke ?

Most houses in Carisbrooke are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Carisbrooke so you should seriously consider looking for a Carisbrooke conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am looking at a two apartments in Carisbrooke which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Carisbrooke is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with less than 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 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 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 Carisbrooke 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £325000 garden flat in Carisbrooke next week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Carisbrooke?

Carisbrooke conveyancing on leasehold flats more often than not requires the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They are entitled invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, otherwise the charge is technically not due. Reality however dictates that you have no choice but to pay whatever is requested of you if you want to complete the sale of your home.

I purchased a leasehold flat in Carisbrooke, conveyancing formalities finalised 1997. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Carisbrooke with an extended lease are worth £173,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ends on 21st October 2093

With 68 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Carisbrooke