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Recently asked questions relating to St Nicholas leasehold conveyancing

My partner and I may need to let out our St Nicholas 1st floor flat for a while due to a career opportunity. We instructed a St Nicholas conveyancing practice in 2004 but they have since shut 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?

Your lease dictates the relationship between the landlord and you the leaseholder; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in St Nicholas do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I have just started marketing my ground floor apartment in St Nicholas.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is clear the invoice 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 management companies 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 all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in St Nicholas. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in St Nicholas are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in St Nicholas in which case you should be shopping around for a St Nicholas conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.

I am looking at a two apartments in St Nicholas both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in St Nicholas is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, 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 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 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 St Nicholas conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Can you provide any advice for leasehold conveyancing in St Nicholas from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in St Nicholas can be bypassed if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers solicitors.
  • The majority freeholders or managing agents in St Nicholas levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in St Nicholas.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in St Nicholas state that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you fail to have the paperwork in place you should not contact the landlord without contacting your lawyer in advance.
  • A minority of St Nicholas leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Arranging a duplicate share certificate is often a lengthy formality and frustrates many a St Nicholas home move. Where a duplicate share is required, you should approach the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • St Nicholas Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

      Is anyone aware of any major works anticipated that will increase the service costs? Many St Nicholas leasehold apartments will be liable to pay a service bill for the upkeep of the block levied on behalf of the landlord. If you acquire the property you will have to meet this amount, normally in instalments throughout the year. This could differ from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all likelihood there will be a rentcharge to be met yearly, this is usually not a large sum, say approximately £50-£100 but you should to enquire as occasionally it can be many hundreds of pounds. For many St Nicholas leaseholds the outlay for major works are not wrapped into the maintenance charges, albeit that some managing agents in St Nicholas obliged leaseholders to pay into a sinking fund created for the specific purpose of building a fund for major repairs or maintenance.

    Other Topics

    Lease Extensions in St Nicholas