Having had my offer accepted I require leasehold conveyancing in Oldland. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Oldland - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Frank (my husband) and I may need to let out our Oldland basement flat temporarily due to a career opportunity. We used a Oldland conveyancing practice in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

Even though your last Oldland conveyancing lawyer is no longer around you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to obtain consent from your landlord or some other party before subletting. This means you not allowed to sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.

Expecting to exchange soon on a studio apartment in Oldland. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I am a negotiator for a long established estate agency in Oldland where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Oldland conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 the common defects that you witness in leases for Oldland properties?

There is nothing unique about leasehold conveyancing in Oldland. All leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• 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

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and Platform Home Loans Ltd 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 buyer to withdraw.

I purchased a 1st floor flat in Oldland, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Oldland with an extended lease are worth £255,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2084

With only 59 years unexpired we estimate the premium for your lease extension to span between £24,700 and £28,600 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Oldland