My fiance and I may need to rent out our Milton Keynes ground floor flat temporarily due to a career opportunity. We instructed a Milton Keynes conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?

A lease dictates relations between the freeholder and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Milton Keynes do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Looking forward to sign contracts shortly on a garden flat in Milton Keynes. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Milton Keynes should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• The total extent of the demise. This will be the flat itself but might include a roof space or basement if appropriate.
• Are you allowed to have a pet in the flat?
• You need to be told what counts as a Nuisance in the lease
• Repair and maintenance of the flat
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• Responsibility for repairing the window frames

I have just started marketing my 2 bed apartment in Milton Keynes.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear 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 two apartments in Milton Keynes which have in the region of forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Milton Keynes is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 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 Milton Keynes 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 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 makes a Milton Keynes lease unmortgageable?

There is nothing unique about leasehold conveyancing in Milton Keynes. Most leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• 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

You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Milton Keynes Conveyancing for Leasehold Flats - Examples of Questions you should consider before Purchasing

It would be wise to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to day to day matters like the cleanliness of the common parts. Ask prospective neighbours what they think of them. Finally, find out the dates that the service charges are due to the managing agents and precisely how they are spending that money. How long is the Lease?