My wife and I may need to let out our Wadebridge ground floor flat temporarily due to a new job. We instructed a Wadebridge conveyancing firm in 2001 but they have closed 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?

A lease dictates relations between the landlord and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Wadebridge do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I have recently realised that I have 72 years remaining on my flat in Wadebridge. I need to get lease extension but my freeholder is absent. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you have used your best endeavours to find the lessor. In some cases an enquiry agent should be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Wadebridge.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Wadebridge. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Wadebridge ?

The majority of 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 assist with the conveyancing process. It is clear that you are purchasing 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. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Wadebridge which have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Wadebridge is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 Wadebridge 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.

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

When appointing a conveyancer for your lease extension (regardless if they are a Wadebridge conveyancing firm) it is imperative 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 Wadebridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?

Leasehold Conveyancing in Wadebridge - A selection of Queries before Purchasing

This information is helpful as a) areas could cause problems for the building as the communal areas may begin to deteriorate where maintenance are not paid for b) if the leasehold owners have an issue with the managing agents you will want to have full disclosure If a Wadebridge lease has fewer than eighty years it will have adverse implications on the marketability of the property. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. Remember, in most cases you would be be obliged to have been the owner of the property for a couple of years before you are entitled to exercise a lease extension. Plenty Wadebridge leasehold flats will be liable to pay a service bill for maintenance of the building levied on behalf of the landlord. Where you acquire the property you will have to pay this liability, normally periodically throughout the year. This may vary from a few hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay annual, this is usually not a significant figure, say about £50-£100 but you need to enquire as occasionally it could be many hundreds of pounds.

Other Topics

Lease Extensions in Wadebridge