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

Some leases for properties in Caddington do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates 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 consent.

I am attracted to a couple of flats in Caddington both have approximately 50 years unexpired on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Caddington is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and lenders, leases with under eighty years become less and less marketable. 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 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 Caddington 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 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 the agreed 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 Caddington where we have experienced a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Caddington conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that 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. This means 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 before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

Do you have any advice for leasehold conveyancing in Caddington from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Caddington can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
• The majority landlords or Management Companies in Caddington levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Caddington.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Caddington leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Should you dont have the approvals to hand do not communicate with the landlord without checking with your lawyer in the first instance.
• Some Caddington leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

We expect to complete our sale of a £ 225000 maisonette in Caddington in 5 days. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Caddington?

Caddington conveyancing on leasehold maisonettes nine out of ten times necessitates fees being raised by landlords agents :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Caddington
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Caddington leasehold property is £350. For Caddington conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

Leasehold Conveyancing in Caddington - Examples of Queries Prior to Purchasing

What restrictions are there in the Caddington Lease? It is important to be aware whether fixing the lift or some other major work is due in the near future that will be shared amongst the leasehold owners and will materially impact the level of the service costs or result in a specific payment.