I wish to rent out my leasehold flat in Fairwater. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Some leases for properties in Fairwater do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review 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.

Having checked my lease I have discovered that there are only 68 years remaining on my lease in Fairwater. I need to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. On the whole a specialist should be helpful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Fairwater.

I am looking at a couple of maisonettes in Fairwater which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Fairwater is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, 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 Fairwater conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

We expect to complete our sale of a £400000 apartment in Fairwater on Tuesday in a week. The management company has quoted £300 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Fairwater?

Fairwater conveyancing on leasehold apartments more often than not involves the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality one has little choice but to pay whatever is requested of you if you want to sell the property.

When it comes to leasehold conveyancing in Fairwater what are the most common lease problems?

Leasehold conveyancing in Fairwater is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts 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 could encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

Fairwater Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying

The prefered form of lease structure is a share of the freehold. In this scenario the tenants benefit from control and although a managing agent is often employed if it is bigger than a house conversion, the managing agent is directed by the tenants. Where a Fairwater lease has fewer than eighty years it will affect the marketability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth finding out what this would cost. For most Fairwaterlease extensions you will be be obliged to have owned the residence for a couple of years before you are eligible to extend the lease. Is there a share of the freehold?

Other Topics

Lease Extensions in Fairwater