My wife and I may need to rent out our Newport Pagnell garden flat for a while due to a new job. We instructed a Newport Pagnell conveyancing firm in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

The lease dictates relations between the landlord and you the leaseholder; 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 expres ban or restriction, subletting is permitted. The majority of leases in Newport Pagnell do not prevent 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.

Planning to complete next month on a ground floor flat in Newport Pagnell. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Setting out your legal entitlements in relation to common areas in the building.For example, does the lease provide for a right of way over an accessway or staircase?

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Newport Pagnell. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Newport Pagnell ?

The majority of houses in Newport Pagnell are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Newport Pagnell in which case you should be shopping around for a Newport Pagnell conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.

I am looking at a couple of maisonettes in Newport Pagnell which have about fifty years remaining on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

In relation to leasehold conveyancing in Newport Pagnell what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Newport Pagnell. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may 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, Bank of Scotland, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

I invested in buying a studio flat in Newport Pagnell, conveyancing formalities finalised 2004. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Newport Pagnell with over 90 years remaining are worth £168,000. The ground rent is £55 yearly. The lease terminates on 21st October 2091

With 66 years unexpired we estimate the price of your lease extension to be between £12,400 and £14,200 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Newport Pagnell