I am intending to sublet my leasehold flat in Locks Heath. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your last Locks Heath conveyancing lawyer is not around you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you must seek consent from your landlord or some other party in advance of subletting. This means that you cannot sublet in the absence of prior consent. The consent must not not be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

I am attracted to a couple of maisonettes in Locks Heath both have in the region of 50 years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Locks Heath. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

I am a negotiator for a long established estate agent office in Locks Heath where we have experienced a few leasehold sales jeopardised due to short leases. I have received inconsistent advice from local Locks Heath conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 sale.

Alternatively, it may be possible 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 Locks Heath conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Locks Heath conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Locks Heath conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How familiar is the firm with lease extension legislation?

What makes a Locks Heath lease defective?

There is nothing unique about leasehold conveyancing in Locks Heath. All leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• 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

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

I am the registered owner of a studio flat in Locks Heath, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Locks Heath with over 90 years remaining are worth £182,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2079

You have 54 years unexpired we estimate the price of your lease extension to span between £32,300 and £37,400 as well as costs.

The suggested premium range above 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 tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Locks Heath