Helen (my wife) and I may need to sub-let our Umberleigh ground floor flat for a while due to a new job. We instructed a Umberleigh conveyancing practice in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Umberleigh do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 am looking at a couple of apartments in Umberleigh both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Umberleigh. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

I work for a reputable estate agency in Umberleigh where we see a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Umberleigh conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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 proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

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 buyer.

Do you have any top tips for leasehold conveyancing in Umberleigh with the purpose of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Umberleigh can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Umberleigh leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such works. Where you fail to have the paperwork to hand do not contact the landlord without checking with your solicitor in advance.
• If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 rather than unsettled.
• If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a duplicate share certificate is often a time consuming process and delays many a Umberleigh conveyancing transaction. Where a duplicate share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

What makes a Umberleigh lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Umberleigh. All leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Leasehold Conveyancing in Umberleigh - A selection of Questions you should consider before buying

The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy control and even though a managing agent is usually retained where it is larger than a house conversion, the managing agent is directed by the tenants.