Jane (my partner) and I may need to let out our South Molton ground floor flat for a while due to taking a sabbatical. We used a South Molton conveyancing firm in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?

Notwithstanding that your previous South Molton conveyancing lawyer is not available you can check your lease to see if you are permitted to let out the premises. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must obtain consent from your landlord or some other party prior to subletting. The net result is that you cannot sublet in the absence of prior permission. The consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

Due to sign contracts shortly on a leasehold property in South Molton. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?

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

• You should receive a copy of the lease

I am tempted by the attractive purchase price for a two flats in South Molton both have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in South Molton 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 value of the premises. The majority of buyers and banks, leases with less than eighty years become less and less marketable. 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 property 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 South Molton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

What advice can you give us when it comes to finding a South Molton conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a South Molton conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non South Molton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How familiar is the firm with lease extension legislation?

What makes a South Molton lease problematic?

Leasehold conveyancing in South Molton is not unique. Most leases is drafted differently and drafting errors can sometimes mean that 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 have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

South Molton Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

In the main the outlay for major works tend not to be incorporated into the service charges, albeit that a few managing agents in South Molton ask leaseholders to pay into a reserve fund created for the specific intention of building a fund for larger works. What restrictions exist in the South Molton Lease? Who takes responsibility for maintaining and repairing the block?

Other Topics

Lease Extensions in South Molton