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

The lease dictates relations between the landlord and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Wilford do not contain subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Wilford. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wilford ?

The majority of houses in Wilford are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Wilford so you should seriously consider looking for a Wilford conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.

Back In 2002, I bought a leasehold house in Wilford. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Wilford who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Wilford conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of flats in Wilford which have about 50 years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I work for a long established estate agent office in Wilford where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Wilford conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?

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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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.

I bought a split level flat in Wilford, conveyancing formalities finalised in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Wilford with a long lease are worth £264,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2094

You have 69 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues 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 getting professional advice.

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Lease Extensions in Wilford