I am intending to sublet my leasehold apartment in Walkington. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Walkington do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Planning to complete next month on a ground floor flat in Walkington. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Walkington should include some of the following:

• The physical extent of the premises. This will be the flat itself but may include a loft or cellar if appropriate.
• Are you allowed to have a pet in the flat?
• Whether the lease restricts you from letting out the flat, or having a home office for business
• Whether your lease has a provision for a sinking fund?
• You should have a good understanding of the insurance provisions
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

Estate agents have just been given the go-ahead to market my basement apartment in Walkington.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 management companies 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 am attracted to a couple of apartments in Walkington which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Walkington is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Walkington 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

Can you provide any top tips for leasehold conveyancing in Walkington from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Walkington can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
• The majority landlords or managing agents in Walkington levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Walkington.
• If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 buyers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a new share certificate can be a lengthy process and delays many a Walkington home move. If a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

Walkington Leasehold Conveyancing - Examples of Queries Prior to buying

It would be wise to discover as much as you can concerning the company managing the building as they can either make living at the property much simpler or much more difficult. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Ask other people if they are happy with them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and precisely how they are spending the funds. How many years are left on the lease?