My wife and I may need to let out our New Addington garden flat for a while due to a new job. We instructed a New Addington conveyancing practice in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease governs relations between the landlord and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in New Addington do not prevent an absolute prevention of 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 duplicate of the sublease.

I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in New Addington. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in New Addington 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. it is apparent that you are buying in New Addington so you should seriously consider looking for a New Addington conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in New Addington which have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in New Addington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and banks, leases with under eighty years become less and less attractive. 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 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 New Addington 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.

Can you offer any advice when it comes to finding a New Addington conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a New Addington conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non New Addington conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• How experienced is the practice with lease extension legislation?

We have reached the end of our tether in trying to reach an agreement for a lease extension in New Addington. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Most definitely. We can put you in touch with a New Addington conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a New Addington flat is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the fi
gure of £37,912. This case was in relation to 6 flats. The the unexpired term as at the valuation date was 78.32 years.

In relation to leasehold conveyancing in New Addington what are the most frequent lease defects?

Leasehold conveyancing in New Addington is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.