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

Even though your previous Mobberley conveyancing solicitor is not around you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain permission from your landlord or some other party prior to subletting. This means you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

I am attracted to a two apartments in Mobberley both have approximately fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Mobberley is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and lenders, leases with less than 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 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 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 Mobberley 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 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.

I am a negotiator for a reputable estate agency in Mobberley where we have experienced a few leasehold sales derailed due to short leases. I have received contradictory information from local Mobberley conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. 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 disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 are your top tips when it comes to finding a Mobberley conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Mobberley conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Mobberley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the firm with lease extension legislation?

In relation to leasehold conveyancing in Mobberley what are the most frequent lease defects?

Leasehold conveyancing in Mobberley is not unique. All leases are unique and drafting errors can sometimes mean that certain clauses are not included. 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
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Barclays Direct all have express requirements 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, forcing the purchaser to withdraw.

Mobberley Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

Who takes responsibility for maintaining and repairing the building? Is anyone aware of any major works anticipated that could add a premium to the maintenance fees? Please note if it is fewer than eighty years it will impact the salability of the flat. It is worth checking with your bank that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth finding out what this will be. For most Mobberleylease extensions you will need to own the residence for two years in order to be eligible to exercise a lease extension.

Other Topics

Lease Extensions in Mobberley