Selling or subletting your leasehold home

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Subletting your home

If you are a leaseholder and you would like to rent your home to someone else, this is called subletting.

You are required to obtain consent from us before proceeding with any sublet arrangement.  If you lease permits, consent will be given.  Please submit the request in writing. If your lease does not allow you to sublet, we will not be able to grant you permission.

If permission is granted, as a landlord you will need to supply Aster with the following:

  • Your correspondence address and contact details in case of an emergency.
  • A copy of an Assured Shorthold Tenancy Agreement which will be for a minimum of six months.
  • The name and contact details of any Managing Agent
  • Confirmation of permission from your mortgage company and insurer (if applicable).
  • Gas Safety certificate (if applicable)

Your landlord duties

 As a landlord, you assume landlord duties which include but not limited to:

  • Ensuring that all gas appliances are serviced regularly and have an up to date Gas Safety Certificate.
  • Carry out any related legal
  • We recommend you take out landlords’ insurance.
  • You will continue to be responsible for paying service charges

 

  • Making sure your tenant meets the requirements of the lease.
  • We do charge an administration fee for dealing with any request for permission to sublet.
  • If you sublet your property without permission, we may take legal action.

Selling your home

You will be required to provide information to the purchaser.  Also called LPE1, the seller’s information pack is normally requested by your solicitor.

We will provide the information for your solicitor. Please note, there is a charge for this service. 

The information will usually include details on the expiry date of the lease, service charges, insurance, major works, any disputes and any outstanding amounts required to be paid before completion.

We do not get involved in how you agree with your buyer to settle the outstanding charges. Please note there may be money owed for the previous year that has not yet been invoiced.

If major works have taken place at your property around the time you are selling or are due to take place shortly after the sale it is likely that the final cost of the works will not be known when your sale completes. In this case the solicitor acting for your purchaser will probably negotiate with your solicitors for a ‘retention of funds’.

This means that when the sale completes, and the money is transferred the final sum will be less the amount being retained to cover the anticipated cost of the works.

The amount will have been agreed by both you and your purchaser and will be based on the most accurate estimate we are able to provide. When the works are completed, and the service charge accounts have been finalised the solicitor will release the funds to meet the cost.

The solicitor acting on behalf of the buyer should notify us and provide a copy of the assignment once the sale is completed.

Our records will be updated, and your account closed once we have received the assignment.

Got a question?

For any questions regarding selling or subletting your home, please contact us on 0333 400 8222 or email us using the button below.

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