I am on look out for some leasehold conveyancing in Easton. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Easton - 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 Easton basement flat temporarily due to a new job. We instructed a Easton conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?

A small minority of properties in Easton 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 see 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 looking at a two flats in Easton which have in the region of fifty years left on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Easton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 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 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 Easton 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.

I am a negotiator for a long established estate agency in Easton where we see a number of flat sales jeopardised as a result of short leases. I have been given contradictory information from local Easton conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What advice can you give us when it comes to appointing a Easton conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Easton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Easton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• How many lease extensions have they carried out in Easton in the last year?
• Can they put you in touch with client in Easton who can give a testimonial?

Easton Leasehold Conveyancing - Examples of Queries Prior to Purchasing

Where a Easton lease has less than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are content with residual term of the lease. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering how much this will be. Remember, in most cases you will need to own the residence for two years in order to be eligible to extend the lease. How much is the ground rent and service charge?