I am on look out for some leasehold conveyancing in Newent. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Newent - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I want to rent out my leasehold apartment in Newent. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Your lease dictates the relationship between the landlord and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Newent do not contain strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Newent. I now want to extend my lease but my landlord is missing. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the freeholder. On the whole an enquiry agent would be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court covering Newent.

I am attracted to a two apartments in Newent both have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

What advice can you give us when it comes to appointing a Newent conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Newent conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Newent conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• How many lease extensions have they conducted in Newent in the last twenty four months?

Leasehold Conveyancing in Newent - A selection of Questions you should consider before Purchasing

Plenty Newent leasehold properties will incur a service charge for the upkeep of the building set by the landlord. Should you buy the flat you will have to meet this amount, usually periodically during the year. This could vary from a few hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all probability there will be a ground rent to be met yearly, this is usually not a significant amount, say about £50-£100 but you should to enquire as sometimes it can be many hundreds of pounds. Be sure to investigate if there is anything that is prohibited in the lease. For instance it is very common in Newent leases that pets are not permitted in in a block in Newent. If you like the propertyin Newent yet your cat can’t live with you then you will be faced hard decision. If a Newent lease has fewer than 80 years it will affect the value of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will be required to have owned the premises for a couple of years before you are entitled to carry out a lease extension.

Other Topics

Lease Extensions in Newent