Having had my offer accepted I require leasehold conveyancing in Fratton and Portsea. Before diving in I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Fratton and Portsea - 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 partner and I may need to sub-let our Fratton and Portsea ground floor flat for a while due to a career opportunity. We instructed a Fratton and Portsea conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

The lease dictates relations between the landlord and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Fratton and Portsea do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I have recently realised that I have Seventy years left on my flat in Fratton and Portsea. I now wish to extend my lease but my freeholder is absent. What should I do?

If you qualify, 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 mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the lessor. For most situations an enquiry agent would be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Fratton and Portsea.

I am tempted by the attractive purchase price for a couple of flats in Fratton and Portsea both have about forty five years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Fratton and Portsea is a deteriorating 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 property. For most purchasers and banks, leases with less than eighty years become less and less marketable. 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 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 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 Fratton and Portsea 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 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.

When it comes to leasehold conveyancing in Fratton and Portsea what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Fratton and Portsea. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• 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.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Clydesdale 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 provide security, obliging the purchaser to withdraw.

I acquired a 2 bed flat in Fratton and Portsea, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Fratton and Portsea with over 90 years remaining are worth £200,000. The ground rent is £65 per annum. The lease terminates on 21st October 2089

With 64 years remaining on your lease we estimate the premium for your lease extension to span between £18,100 and £20,800 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide 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 additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Fratton and Portsea