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

Your lease governs the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Coleford do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I have recently realised that I have 68 years left on my lease in Coleford. I now wish to extend my lease but my landlord is missing. What should I do?

On the basis that 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 an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the freeholder. On the whole a specialist would be helpful to carry out a search and to produce a report to be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the vesting order request to the County Court covering Coleford.

I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Coleford. Conveyancing advisers have not yet been instructed. Will they explain the issues?

The majority of houses in Coleford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Coleford in which case you should be looking for a Coleford conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.

I am looking at a couple of maisonettes in Coleford both have about fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Coleford 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 marketability of the property. For most purchasers and lenders, leases with less than eighty 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 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 Coleford 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.

We expect to complete our sale of a £325000 garden flat in Coleford in just under a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Coleford?

Coleford conveyancing on leasehold maisonettes often necessitates the buyer’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, without which the charge is technically not due. In reality one has no option but to pay whatever is demanded if you want to complete the sale of your home.

Coleford Leasehold Conveyancing - Sample of Questions you should ask before buying

What is the annual service fee and ground rent? How many years are left on the lease? Make sure you discover if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Coleford. If you like the flatin Coleford however your dog can’t live with you then you will be faced hard determination.

Other Topics

Lease Extensions in Coleford