I want to sublet my leasehold apartment in Pyle. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Even though your previous Pyle conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you are obliged to seek permission from your landlord or some other party in advance of subletting. This means that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

Back In 2003, I bought a leasehold flat in Pyle. Conveyancing and Yorkshire Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Pyle who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Pyle conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in Pyle which have about fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Pyle is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 Pyle conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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 work for a long established estate agent office in Pyle where we have experienced a few leasehold sales jeopardised as a result of short leases. I have been given inconsistent advice from local Pyle conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is 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.

Are there frequently found deficiencies that you see in leases for Pyle properties?

Leasehold conveyancing in Pyle is not unique. Most leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• 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

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

Pyle Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

It would be wise to find out as much as possible about the managing agents as they can either make your living at the property much simpler or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to daily issues such as the tidiness of the communal areas. Ask other people what they think of their service. On a final note, find out the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending that money. How many years are left on the lease? Most Pyle leasehold flats will have a service bill for the upkeep of the building invoiced on behalf of the management company. Should you purchase the property you will have to pay this charge, usually in instalments accross the year. This could be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met yearly, this is usually not a large sum, say about £25-£75 but you should to enquire as on occasion it could be prohibitively expensive.

Other Topics

Lease Extensions in Pyle