Jane (my partner) and I may need to let out our Parsons Green basement flat for a while due to a new job. We used a Parsons Green conveyancing practice in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?

A lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Parsons Green do not contain subletting altogether – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

There are only 68 years unexpired on my flat in Parsons Green. I now want to extend my lease but my landlord is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. On the whole a specialist may be useful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Parsons Green.

I am looking at a couple of apartments in Parsons Green which have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Parsons Green is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under 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 premises 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 Parsons Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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 are your top tips when it comes to finding a Parsons Green conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Parsons Green conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Parsons Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How experienced is the practice with lease extension legislation?
• Can they put you in touch with client in Parsons Green who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Parsons Green with the intention of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Parsons Green can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Parsons Green leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your solicitor before hand.
• If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
• If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Organising a re-issued share certificate can be a lengthy process and frustrates many a Parsons Green conveyancing transaction. Where a new share is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

I own a two-bedroom flat in Parsons Green. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?

Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price payable.

An example of a Freehold Enfranchisement matter before the tribunal for a Parsons Green residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case was in relation to 2 flats. The unexpired term was 93 years and 162 years.

I inherited a 1st floor flat in Parsons Green, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Comparable properties in Parsons Green with a long lease are worth £264,000. The ground rent is £65 per annum. The lease expires on 21st October 2078

With just 52 years unexpired the likely cost is going to range between £32,300 and £37,400 plus costs.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.