I want to let out my leasehold apartment in Verwood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

The lease dictates relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Verwood do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

I have just started marketing my garden apartment in Verwood.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge 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.

My wife and I purchased a leasehold flat in Verwood. Conveyancing and Birmingham Midshires mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Verwood who previously acted has now retired.Do I pay?

The first thing you should do is contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Verwood conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Verwood both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Verwood. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

I am a negotiator for a reputable estate agency in Verwood where we see a number of flat sales jeopardised due to short leases. I have been given conflicting advice from local Verwood conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

Verwood Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

You should be aware if it is less than eighty years it will have adverse implications on the marketability of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you would need to own the property for two years before you are eligible to extend the lease. Make sure you discover if there are any onerous prohibitions in the lease. For instance it is fairly common in Verwood leases that pets are not permitted in certain buildings in Verwood. If you like the apartmentin Verwood but your cat can’t make the move with you then you will be presented with a difficult determination. You should want to find out as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the upkeep of the common parts. Don't be afraid to ask other people what they think of them. Finally, be sure you know the dates that the service charges are due to the appropriate party and precisely what it includes.

Other Topics

Lease Extensions in Verwood