I am on look out for some leasehold conveyancing in Whaley Bridge. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Whaley Bridge - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Jane (my partner) and I may need to sub-let our Whaley Bridge basement flat temporarily due to a career opportunity. We used a Whaley Bridge conveyancing firm in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?

Your lease governs the relationship between the landlord and you the leaseholder; specifically, it will say if subletting is not allowed, 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. Most leases in Whaley Bridge do not contain strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

I am looking at a couple of apartments in Whaley Bridge both have in the region of fifty years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Whaley Bridge is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. 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 property 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 Whaley Bridge 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

What advice can you give us when it comes to finding a Whaley Bridge conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Whaley Bridge conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Whaley Bridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How familiar is the practice with lease extension legislation?
• What are the legal fees for lease extension conveyancing?

Do you have any top tips for leasehold conveyancing in Whaley Bridge with the intention of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Whaley Bridge can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
• Many landlords or Management Companies in Whaley Bridge levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Whaley Bridge.
• 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 Whaley Bridge state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Where you fail to have the approvals to hand do not communicate with the landlord without checking with your lawyer before hand.
• If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge 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 ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled.
• You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore important at an early stage 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.

I purchased a basement flat in Whaley Bridge, conveyancing having been completed in 2001. How much will my lease extension cost? Comparable flats in Whaley Bridge with an extended lease are worth £263,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2091

With just 65 years remaining on your lease the likely cost is going to be between £15,200 and £17,600 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.