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

Notwithstanding that your previous Stockwood conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

Back In 2004, I bought a leasehold flat in Stockwood. Conveyancing and Leeds Building Society mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Stockwood who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Stockwood conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Stockwood both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I work for a long established estate agency in Stockwood where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Stockwood conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you provide any top tips for leasehold conveyancing in Stockwood from the perspective of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Stockwood can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
• The majority freeholders or managing agents in Stockwood levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. 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 usual cause of frustration in leasehold conveyancing in Stockwood.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Stockwood state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you dont have the paperwork in place you should not communicate with the landlord without contacting your conveyancer in the first instance.
• If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.
• You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Stockwood Leasehold Conveyancing - Sample of Queries Prior to Purchasing

Best to be warned whether window replacement or some other significant cost is due shortly that will be shared between the leaseholders and may well materially increase the the service fees or require a one off payment. How many years remain on the lease? Where a Stockwood lease has less than eighty years it will impact the marketability of the apartment. Check with your lender that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will probably need a lease extension at some point and it is worth discovering what this would cost. For most Stockwoodlease extensions you will need to own the residence for two years before you are eligible to exercise a lease extension.