I have recently realised that I have Seventy years left on my flat in Allestree. I need to extend my lease but my freeholder is absent. What should I do?

If you qualify, 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 mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent may be useful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Allestree.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Allestree. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Allestree are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Allestree so you should seriously consider looking for a Allestree conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.

Back In 2003, I bought a leasehold flat in Allestree. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Allestree who previously acted has long since retired.Any advice?

The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Allestree conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Allestree both have about fifty 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 Allestree is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, leases with less than 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 premises 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 Allestree conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

Do you have any advice for leasehold conveyancing in Allestree from the point of view of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Allestree can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
• If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Allestree leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you dont have the approvals in place do not contact the landlord without checking with your lawyer in the first instance.

I invested in buying a 1st floor flat in Allestree, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Allestree with a long lease are worth £197,000. The ground rent is £55 yearly. The lease expires on 21st October 2094

With 69 years unexpired the likely cost is going to range between £10,500 and £12,000 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Allestree