My partner and I may need to sub-let our Fenny Stratford basement flat for a while due to a new job. We used a Fenny Stratford conveyancing firm in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

Even though your previous Fenny Stratford conveyancing lawyer is no longer around you can check your lease to check if it allows you to sublet the property. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of first obtaining consent. The consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Fenny Stratford. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Fenny Stratford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Fenny Stratford so you should seriously consider looking for a Fenny Stratford conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. 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 freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am employed by a long established estate agency in Fenny Stratford where we have witnessed a few flat sales put at risk as a result of short leases. I have been given contradictory information from local Fenny Stratford conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?

As long as 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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.

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.

Can you provide any top tips for leasehold conveyancing in Fenny Stratford from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Fenny Stratford can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Fenny Stratford state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such alterations. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor in advance.
• A minority of Fenny Stratford leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 solicitors.
• If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than ongoing.
• If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a replacement share certificate can be a time consuming formality and slows down many a Fenny Stratford conveyancing deal. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

Are there frequently found deficiencies that you see in leases for Fenny Stratford properties?

Leasehold conveyancing in Fenny Stratford is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• 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 may have 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. Halifax, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.

I invested in buying a ground floor flat in Fenny Stratford, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Fenny Stratford with an extended lease are worth £229,000. The average or mid-range amount of ground rent is £65 levied per year. The lease expires on 21st October 2102

You have 76 years remaining on your lease we estimate the price of your lease extension to be between £9,500 and £11,000 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.