I would like to sublet my leasehold flat in Torpoint. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your previous Torpoint conveyancing solicitor is no longer around you can check your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to obtain permission via your landlord or some other party before subletting. The net result is you not allowed to sublet without prior permission. The consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Torpoint. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Torpoint are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Torpoint so you should seriously consider shopping around for a Torpoint conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold property in Torpoint. Am I liable to pay service charges for periods before 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. It is an essential part 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 am employed by a long established estate agent office in Torpoint where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Torpoint conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

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 can avoid having 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.

An alternative approach is 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 buyer.

Do you have any top tips for leasehold conveyancing in Torpoint with the purpose of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Torpoint can be reduced if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Torpoint state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such works. If you fail to have the paperwork in place do not contact the landlord without checking with your conveyancer before hand.
• Some Torpoint leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 had conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unresolved.
• If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Torpoint conveyancing deal. If a reissued share is needed, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

I own a leasehold flat in Torpoint, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Torpoint with over 90 years remaining are worth £167,000. The ground rent is £65 invoiced every year. The lease ends on 21st October 2106

With only 80 years remaining on your lease we estimate the premium for your lease extension to span between £9,500 and £11,000 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.