My partner and I may need to sub-let our Wimborne Minster garden flat for a while due to taking a sabbatical. We used a Wimborne Minster conveyancing firm in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

Even though your previous Wimborne Minster conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. There may be a precondition that you need to seek permission from your landlord or other appropriate person prior to subletting. This means that you cannot sublet in the absence of prior permission. Such consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.

I am hoping to sign contracts shortly on a basement flat in Wimborne Minster. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

I am attracted to a two apartments in Wimborne Minster which have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Wimborne Minster is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat 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 premises 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 Wimborne Minster 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 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.

I work for a busy estate agency in Wimborne Minster where we have witnessed a few flat sales put at risk as a result of short leases. I have received contradictory information from local Wimborne Minster conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease 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 buyer need not have 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 sale.

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 purchaser.

What makes a Wimborne Minster lease problematic?

Leasehold conveyancing in Wimborne Minster is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

I bought a 1st floor flat in Wimborne Minster, conveyancing was carried out 2002. How much will my lease extension cost? Comparable properties in Wimborne Minster with over 90 years remaining are worth £233,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2104

With just 79 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 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 extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

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Lease Extensions in Wimborne Minster