My partner and I may need to rent out our Stamford garden flat temporarily due to a career opportunity. We instructed a Stamford conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Stamford do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I have just started marketing my ground floor flat in Stamford.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – Do I pay up?

The sensible thing to do is pay 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 appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Stamford. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Stamford ?

The majority of houses in Stamford are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Stamford so you should seriously consider looking for a Stamford conveyancing solicitor and be sure 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 freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.

I am attracted to a two flats in Stamford both have approximately fifty years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Stamford 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 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 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 Stamford 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.

Last month I purchased a leasehold flat in Stamford. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I purchased a garden flat in Stamford, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Stamford with a long lease are worth £262,000. The ground rent is £60 charged once a year. The lease expires on 21st October 2103

You have 78 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

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Lease Extensions in Stamford