I wish to sublet my leasehold flat in Cottesmore. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A lease dictates the relationship between the landlord and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Cottesmore do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Cottesmore. Conveyancing advisers have not yet been appointed. Will they explain the issues?

The majority of houses in Cottesmore are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Cottesmore so you should seriously consider looking for a Cottesmore conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

Back In 2001, I bought a leasehold house in Cottesmore. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Cottesmore who previously acted has long since retired.Any advice?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Cottesmore conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two flats in Cottesmore which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Cottesmore is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers 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 property 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 Cottesmore 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 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.

Can you provide any advice for leasehold conveyancing in Cottesmore with the purpose of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Cottesmore can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
• Many freeholders or managing agents in Cottesmore 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 pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Cottesmore.

I inherited a 2 bed flat in Cottesmore, conveyancing was carried out 1998. Can you work out an approximate cost of a lease extension? Similar flats in Cottesmore with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £60 yearly. The lease ceases on 21st October 2100

With only 74 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

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Lease Extensions in Cottesmore