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

Even though your last Repton conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the premises. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet without prior permission. The consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I have just appointed agents to market my garden apartment in Repton.Conveyancing has not commenced but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Repton. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Repton are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Repton in which case you should be shopping around for a Repton conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am looking at a couple of flats in Repton both have approximately 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Repton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with less than 75 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 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 Repton 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.

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

Leasehold conveyancing in Repton is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. 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 premises
• A duty to insure the building
• 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

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Clydesdale 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 grant the mortgage, obliging the purchaser to withdraw.

I bought a 1st floor flat in Repton, conveyancing was carried out 1998. Can you work out an approximate cost of a lease extension? Comparable properties in Repton with over 90 years remaining are worth £205,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2082

You have 57 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

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Lease Extensions in Repton