Helen (my wife) and I may need to let out our Gatley ground floor flat for a while due to a career opportunity. We used a Gatley conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?

Your lease dictates the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Gatley do not contain strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

Looking forward to exchange soon on a garden flat in Gatley. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Gatley. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Gatley ?

Most houses in Gatley are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Gatley so you should seriously consider shopping around for a Gatley conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being 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 alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Gatley both have approximately forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Gatley is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than eighty 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 Gatley 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.

What are your top tips when it comes to finding a Gatley conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Gatley conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Gatley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the practice with lease extension legislation?

I am the registered owner of a split level flat in Gatley, conveyancing formalities finalised 1999. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Gatley with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2095

You have 70 years left to run we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Gatley