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Questions and Answers: Lewes leasehold conveyancing

I wish to rent out my leasehold apartment in Lewes. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Your lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Lewes do not contain subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I am hoping to exchange soon on a basement flat in Lewes. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are you allowed to have a pet in the flat?
  • Does the lease prevent you from letting out the property, or working from home
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in Lewes please ask your solicitor in advance of your conveyancing in Lewes

    • I have just appointed agents to market my ground floor flat in Lewes.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?

    It best that you discharge the service charge 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 managing agents 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 tempted by the attractive purchase price for a couple of flats in Lewes both have about fifty years left on the leases. Do I need to be concerned?

    There are no two ways about it. A leasehold flat in Lewes is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with less than 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 Lewes 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.

    Do you have any top tips for leasehold conveyancing in Lewes with the intention of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Lewes can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Lewes charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Lewes.
  • Some Lewes leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a 2 bed flat in Lewes, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Lewes with a long lease are worth £250,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2086

    With only 61 years unexpired we estimate the premium for your lease extension to be between £20,900 and £24,200 plus legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Lewes