My wife and I may need to let out our Wadebridge ground floor flat for a while due to a new job. We used a Wadebridge conveyancing firm in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Notwithstanding that your previous Wadebridge conveyancing lawyer is not around you can review your lease to see if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must obtain consent via your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet without first obtaining permission. Such consent must not not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed 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 Wadebridge. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Wadebridge are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Wadebridge so you should seriously consider shopping around for a Wadebridge conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your solicitor will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in Wadebridge which have about fifty years left on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

I work for a busy estate agency in Wadebridge where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Wadebridge conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have 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.

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.

When it comes to leasehold conveyancing in Wadebridge what are the most frequent lease defects?

Leasehold conveyancing in Wadebridge is not unique. Most leases is drafted differently 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 elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and TSB all have express 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 provide security, forcing the buyer to withdraw.

I invested in buying a ground floor flat in Wadebridge, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Wadebridge with over 90 years remaining are worth £204,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2098

With just 72 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.