My fiance and I may need to let out our Yaxley 1st floor flat for a while due to a career opportunity. We used a Yaxley conveyancing firm in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

A small minority of properties in Yaxley do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I only have 62 years left on my flat in Yaxley. I am keen to extend my lease but my landlord is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the lessor. On the whole an enquiry agent should be helpful to try and locate and prepare an expert document which can be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Yaxley.

I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Yaxley. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

Most houses in Yaxley are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Yaxley so you should seriously consider looking for a Yaxley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.

I am looking at a two flats in Yaxley both have in the region of fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Yaxley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and mortgage companies, 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 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 Yaxley 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 am employed by a long established estate agency in Yaxley where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Yaxley conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?

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. The benefit of this is that the buyer 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 purchaser.

Yaxley Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Generally speaking the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Yaxley require tenants to contribute towards a sinking fund created for the specific intention of building a fund for larger works. How much is the service charge and ground rent on the property? How many years are left on the lease?