I am intending to rent out my leasehold apartment in Market Bosworth. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease governs relations between the landlord and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Market Bosworth do not contain subletting altogether – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I have recently realised that I have 72 years left on my flat in Market Bosworth. I now want to get lease extension but my freeholder is absent. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the freeholder. In some cases a specialist should be useful to carry out a search and to produce a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Market Bosworth.

I am attracted to a couple of flats in Market Bosworth both have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Market Bosworth. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to choosing a Market Bosworth conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Market Bosworth conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Market Bosworth conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• If they are not ALEP accredited then what is the reason?

Are there frequently found defects that you encounter in leases for Market Bosworth properties?

Leasehold conveyancing in Market Bosworth is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Chelsea Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

I acquired a 1 bedroom flat in Market Bosworth, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Market Bosworth with an extended lease are worth £197,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2094

With just 69 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Market Bosworth