I am in need of some leasehold conveyancing in Farnham Common. Before diving in I would like to find out the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Farnham Common - then the leasehold title will always include the basic details 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 Farnham Common 1st floor flat temporarily due to a new job. We used a Farnham Common conveyancing firm in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Farnham Common do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold 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 tempted by the attractive purchase price for a two apartments in Farnham Common which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Farnham Common is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with less than eighty 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 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 a residence 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 Farnham Common 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 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 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 employed by a long established estate agent office in Farnham Common where we have witnessed a number of flat sales derailed due to short leases. I have received conflicting advice from local Farnham Common conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

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

Leasehold conveyancing in Farnham Common is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

Farnham Common Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing

For many Farnham Common leaseholds the cost for major works are not incorporated into the maintenance charges, albeit that there some managing agents in Farnham Common require leaseholders to contribute towards a sinking fund and this is used to offset against major works. Please tell me if there are any major works on the horizon that will likely add a premium to the service charges? If a Farnham Common lease has no more than eighty years it will impact the value of the property. Check with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. For most Farnham Commonlease extensions you will need to own the premises for 24 months before you are entitled to extend the lease.

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Lease Extensions in Farnham Common