I am intending to sublet my leasehold flat in Kingswood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Some leases for properties in Kingswood 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.

I’m about to sell my 2 bed apartment in Kingswood.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Kingswood. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in Kingswood are freehold and not leasehold. This is one of the situations where 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 Kingswood so you should seriously consider shopping around for a Kingswood conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should appraise you on the various issues.

I am looking at a two apartments in Kingswood which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Kingswood is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty 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 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 Kingswood 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 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 Kingswood lease unmortgageable?

Leasehold conveyancing in Kingswood is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You could encounter 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. Barclays , Leeds Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

I acquired a garden flat in Kingswood, conveyancing formalities finalised 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Kingswood with a long lease are worth £228,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2093

With 68 years left to run the likely cost is going to be between £10,500 and £12,000 as well as legals.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

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Lease Extensions in Kingswood