Having had my offer accepted I require leasehold conveyancing in Leek. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and almost all are in Leek - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

My wife and I may need to sub-let our Leek garden flat temporarily due to a new job. We instructed a Leek conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

Even though your last Leek conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must seek permission via your landlord or some other party prior to subletting. The net result is you not allowed to sublet without prior consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.

I am attracted to a couple of flats in Leek both have about fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Leek is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. 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 Leek 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.

Can you offer any advice when it comes to choosing a Leek conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Leek conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Leek conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• What volume of lease extensions have they completed in Leek in the last twenty four months?

Can you provide any advice for leasehold conveyancing in Leek from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Leek can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Leek leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such works. If you dont have the consents in place do not communicate with the landlord without checking with your lawyer in the first instance.

I am the registered owner of a split level flat in Leek, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Leek with an extended lease are worth £243,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2078

With just 53 years left to run the likely cost is going to range between £31,400 and £36,200 plus legals.

The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Leek