I wish to sublet my leasehold flat in Holbrook. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Some leases for properties in Holbrook do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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.

Due to sign contracts shortly on a ground floor flat in Holbrook. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Holbrook should include some of the following:

• Will you be prohibited or prevented from having pets in the property?

I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Holbrook. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Holbrook ?

Most houses in Holbrook are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Holbrook in which case you should be shopping around for a Holbrook conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of maisonettes in Holbrook both have in the region of fifty years remaining on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Holbrook is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with under 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 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 Holbrook 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.

I am employed by a reputable estate agent office in Holbrook where we see a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Holbrook conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease 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 before, or at the same time as completion of the sale.

Alternatively, it may be possible 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.

I acquired a 2 bed flat in Holbrook, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Holbrook with over 90 years remaining are worth £246,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2085

With just 59 years left to run we estimate the premium for your lease extension to range between £22,800 and £26,400 as well as legals.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. 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 considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Holbrook