I would like to rent out my leasehold apartment in Wombourne. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease governs relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Wombourne do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

Planning to sign contracts shortly on a ground floor flat in Wombourne. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?

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

• Defining your rights in respect of the communal areas in the block.For instance, does the lease grant a right of way over an accessway or hallways?

I am attracted to a couple of flats in Wombourne which have about forty five years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Wombourne is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and banks, leases with under 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 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 Wombourne 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 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.

Do you have any advice for leasehold conveyancing in Wombourne from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Wombourne can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
• The majority freeholders or managing agents in Wombourne charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Wombourne.

If all goes to plan we aim to complete our sale of a £500000 apartment in Wombourne on Monday in a week. The landlords agents has quoted £348 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Wombourne?

Wombourne conveyancing on leasehold maisonettes usually requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be content to do so. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

I am the registered owner of a 1 bedroom flat in Wombourne, conveyancing formalities finalised in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Wombourne with an extended lease are worth £210,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2104

With only 79 years unexpired the likely cost is going to be between £8,600 and £9,800 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Wombourne