I wish to sublet my leasehold flat in Halkyn. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Notwithstanding that your previous Halkyn conveyancing lawyer is not available you can check your lease to check if you are permitted to let out the property. The accepted inference is that if the deeds are non-specific, subletting is allowed. There may be a precondition that you need to seek permission via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet in the absence of prior consent. Such consent must not not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.

Due to exchange soon on a basement flat in Halkyn. Conveyancing lawyers have said that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Halkyn should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

Back In 2006, I bought a leasehold flat in Halkyn. Conveyancing and The Royal Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing solicitor in Halkyn who acted for me is not around.Any advice?

First make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. There is no need to incur the fees of a Halkyn conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of flats in Halkyn which have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Halkyn is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with under 75 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 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 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 Halkyn 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 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.

What makes a Halkyn lease unmortgageable?

Leasehold conveyancing in Halkyn is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• 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

You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Bank of Ireland all have express requirements 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, forcing the purchaser to withdraw.

I bought a 2 bed flat in Halkyn, conveyancing formalities finalised 4 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Halkyn with an extended lease are worth £228,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2101

With only 76 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Halkyn