Having had my offer accepted I require leasehold conveyancing in Wolverton. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and 99.9% are in Wolverton - then the leasehold title will always include the basic details 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 let out our Wolverton ground floor flat temporarily due to taking a sabbatical. We used a Wolverton conveyancing practice in 2002 but they have since shut and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Wolverton conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or some other party before subletting. This means you not allowed to sublet without prior permission. The consent is not allowed to 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.

There are only 68 years unexpired on my lease in Wolverton. I now want to get lease extension but my freeholder is absent. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. In some cases an enquiry agent may be useful to try and locate and to produce a report to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Wolverton.

I am looking at a two flats in Wolverton which have in the region of forty five years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Wolverton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and mortgage companies, leases with under 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 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 property 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 Wolverton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Are there frequently found defects that you come across in leases for Wolverton properties?

There is nothing unique about leasehold conveyancing in Wolverton. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Barclays Direct all have express requirements 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 acquired a leasehold flat in Wolverton, conveyancing was carried out 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Wolverton with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2076

With only 52 years left to run we estimate the price of your lease extension to range between £32,300 and £37,400 as well as costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional 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.

Other Topics

Lease Extensions in Wolverton