My partner and I may need to let out our Dunmow basement flat temporarily due to taking a sabbatical. We used a Dunmow conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your previous Dunmow conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you need to seek permission from your landlord or some other party in advance of subletting. The net result is you not allowed to sublet without prior permission. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.

I only have Fifty years unexpired on my flat in Dunmow. I need to extend my lease but my landlord is missing. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the freeholder. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Dunmow.

I am looking at a couple of maisonettes in Dunmow which have approximately fifty years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Dunmow is a wasting 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 premises. For most buyers and lenders, leases with less than 75 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 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 Dunmow 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.

Can you offer any advice when it comes to choosing a Dunmow conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Dunmow conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Dunmow conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• If the firm is not ALEP accredited then why not?

Do you have any top tips for leasehold conveyancing in Dunmow from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Dunmow can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
• A minority of Dunmow leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.

I invested in buying a ground floor flat in Dunmow, conveyancing was carried out 2011. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Dunmow with a long lease are worth £258,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2095

With just 71 years remaining on your lease we estimate the price of your lease extension to be between £12,400 and £14,200 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed 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 considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Dunmow