I wish to rent out my leasehold apartment in Saffron Walden. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Notwithstanding that your last Saffron Walden conveyancing solicitor is no longer around you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek permission from your landlord or some other party before subletting. The net result is you not allowed to sublet without first obtaining consent. The consent should not be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord for their consent.

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Saffron Walden. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Saffron Walden are freehold and not 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 Saffron Walden in which case you should be looking for a Saffron Walden conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Saffron Walden both have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Saffron Walden is a wasting 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 purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat 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 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 Saffron Walden 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 any new 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.

What advice can you give us when it comes to appointing a Saffron Walden conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Saffron Walden conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Saffron Walden conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How familiar is the firm with lease extension legislation?
• What are the costs for lease extension conveyancing?

Can you provide any advice for leasehold conveyancing in Saffron Walden from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Saffron Walden can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
• The majority landlords or managing agents in Saffron Walden levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Saffron Walden.
• If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Saffron Walden state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such works. Where you dont have the approvals in place do not contact the landlord without checking with your conveyancer first.
• If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate can be a time consuming formality and frustrates many a Saffron Walden conveyancing deal. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Leasehold Conveyancing in Saffron Walden - Sample of Queries before buying

Generally speaking the cost for major works tend not to be included within service charges, although there some managing agents in Saffron Walden obliged leasehold owners to pay into a reserve fund created for the specific intention of building a fund for larger repairs or maintenance. What is the yearly maintenance fee and ground rent?