My wife and I may need to rent out our Teddington basement flat temporarily due to taking a sabbatical. We instructed a Teddington conveyancing practice in 2001 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Your lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Teddington do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

I am attracted to a couple of maisonettes in Teddington which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Teddington is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and lenders, 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 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 Teddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 a negotiator for a reputable estate agent office in Teddington where we see a few flat sales derailed due to short leases. I have been given inconsistent advice from local Teddington conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

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. The benefit of this is that the proposed purchaser 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 needs to be completed 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.

What are your top tips when it comes to choosing a Teddington conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Teddington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Teddington 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:

• Can they put you in touch with client in Teddington who can give a testimonial?
• What are the costs for lease extension work?

I am the leaseholder of a a ground floor purpose built flat in Teddington. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

Absolutely. We are happy to put you in touch with a Teddington conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Teddington premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.

When it comes to leasehold conveyancing in Teddington what are the most frequent lease problems?

Leasehold conveyancing in Teddington is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses 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 premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

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, The Mortgage Works, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Leasehold Conveyancing in Teddington - Sample of Queries before buying

Best to be warned if a new roof is being installed or some other significant cost is anticipated to be shared by the tenants and will materially impact the level of the service costs or require a specific payment. Are there any major works anticipated that will likely increase the service fees? Many Teddington leasehold properties will incur a service bill for maintenance of the block invoiced by the freeholder. Should you buy the apartment you will have to pay this contribution, normally quarterly during the year. This can be anything from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met annual, this is usually not a significant sum, say approximately £50-£100 but you should to check as sometimes it can be prohibitively expensive.