Harry (my fiance) and I may need to sub-let our Ingatestone ground floor flat temporarily due to taking a sabbatical. We used a Ingatestone conveyancing firm in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

Even though your previous Ingatestone conveyancing lawyer is no longer around you can review your lease to check if you are permitted to let out the apartment. The rule is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek consent via your landlord or some other party in advance of subletting. The net result is that you cannot sublet in the absence of first obtaining permission. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

Due to complete next month on a leasehold property in Ingatestone. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Ingatestone. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Ingatestone ?

The majority of houses in Ingatestone are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Ingatestone in which case you should be shopping around for a Ingatestone conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am looking at a couple of flats in Ingatestone both have about forty five years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Ingatestone is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers 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 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 Ingatestone 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 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 any new 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.

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

• Much of the frustration in leasehold conveyancing in Ingatestone can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
• A minority of Ingatestone leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.

I inherited a leasehold flat in Ingatestone, conveyancing was carried out in 1996. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Ingatestone with a long lease are worth £264,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2081

With 56 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Ingatestone