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

Your lease governs relations between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Carlisle do not prevent an absolute prevention of subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I am hoping to complete next month on a leasehold property in Carlisle. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Carlisle should include some of the following:

• Whether the lease restricts you from letting out the property, or having a home office for business

I own a leasehold house in Carlisle. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Carlisle who previously acted has long since retired.Do I pay?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Carlisle conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Carlisle which have about 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Carlisle is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and banks, leases with under 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 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 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 Carlisle 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 any new 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.

In relation to leasehold conveyancing in Carlisle what are the most common lease defects?

Leasehold conveyancing in Carlisle is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

I acquired a 2 bed flat in Carlisle, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Carlisle with over 90 years remaining are worth £261,000. The ground rent is £60 charged once a year. The lease runs out on 21st October 2103

With only 78 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Carlisle