I want to sublet my leasehold apartment in Olney. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Your lease governs the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Olney do not contain subletting altogether – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

Expecting to complete next month on a ground floor flat in Olney. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Olney should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years

I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Olney. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Olney ?

Most houses in Olney are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Olney so you should seriously consider shopping around for a Olney conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will appraise you on the various issues.

I work for a long established estate agent office in Olney where we have witnessed a number of flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Olney conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.

When it comes to leasehold conveyancing in Olney what are the most frequent lease defects?

Leasehold conveyancing in Olney is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in 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 premises
• Insurance obligations
• 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

You may encounter 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. Accord Mortgages Ltd, The Mortgage Works, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

Leasehold Conveyancing in Olney - Sample of Queries Prior to Purchasing

The best form of lease arrangement is a share of the freehold. In this situation the tenants benefit from control and even though a managing agent is frequently employed if the building is larger than a house conversion, the managing agent is directed by the tenants. Are there any major works in the near future that could add a premium to the service fees? You should be aware if it is less than eighty years it will have adverse implications on the salability of the apartment. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this would cost. For most Olneylease extensions you will be required to have owned the residence for two years before you are eligible to carry out a lease extension.

Other Topics

Lease Extensions in Olney