I would like to rent out my leasehold apartment in Kirkby. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

The lease governs the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Kirkby do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I am hoping to exchange soon on a leasehold property in Kirkby. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Setting out your rights in respect of common areas in the building.E.G., does the lease permit a right of way over a path or hallways?

I am attracted to a two apartments in Kirkby which have in the region of fifty years left on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Kirkby is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. 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 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 Kirkby 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.

I am employed by a long established estate agent office in Kirkby where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Kirkby conveyancing firms. Could you confirm whether the seller of a flat can start the lease extension process 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 buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

What advice can you give us when it comes to appointing a Kirkby conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Kirkby conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Kirkby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• If they are not ALEP accredited then why not?

Kirkby Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

Its a good idea to find out as much as possible about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the common parts. Enquire of prospective neighbours what they think of their service. In conclusion, find out the dates that the service charges are due to the appropriate party and specifically how they are spending the funds. What is the yearly service fee and ground rent? You should be aware that where the lease has fewer than 80 years it will affect the salability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this would cost. For most Kirkbylease extensions you will be required to have owned the premises for 24 months before you are entitled to carry out a lease extension.

Other Topics

Lease Extensions in Kirkby