My husband and I may need to rent out our Temple Fortune garden flat for a while due to a career opportunity. We instructed a Temple Fortune conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?

A small minority of properties in Temple Fortune do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse 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 permission.

I am attracted to a couple of apartments in Temple Fortune both have approximately 50 years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Temple Fortune is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, 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 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 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 Temple Fortune 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 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 reputable estate agent office in Temple Fortune where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Temple Fortune conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

What are your top tips when it comes to choosing a Temple Fortune conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Temple Fortune conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Temple Fortune conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If the firm is not ALEP accredited then why not?
• What are the legal fees for lease extension conveyancing?

Can you provide any advice for leasehold conveyancing in Temple Fortune from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Temple Fortune can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
• The majority landlords or managing agents in Temple Fortune charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Temple Fortune.
• Some Temple Fortune leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
• You believe that you know the number of years left on your lease but it would be wise to double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Temple Fortune conveyancing firm to represent me?

in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.

An example of a Lease Extension decision for a Temple Fortune flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The the unexpired residue of the current lease was 76 years.

Leasehold Conveyancing in Temple Fortune - Examples of Queries Prior to Purchasing

Be sure to discover if there are any onerous prohibitions in the lease. For example it is fairly common in Temple Fortune leases that pets are not allowed in certain buildings in Temple Fortune. If you love the apartmentin Temple Fortune however your cat can’t make the move with you then you will be presented with a difficult determination. You should be aware that where the lease has fewer than 80 years it will impact the value of the flat. Check with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and it is worth discovering what this would cost. For most Temple Fortunelease extensions you would need to own the property for two years in order to be entitled to extend the lease.