Having checked my lease I have discovered that there are only 62 years left on my lease in Arnside. I now want to extend my lease but my freeholder is absent. What are my options?

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 granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the lessor. On the whole an enquiry agent would be helpful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Arnside.

Estate agents have just been given the go-ahead to market my basement apartment in Arnside.Conveyancing lawyers have not yet been instructed but I have just had a quarterly maintenance charge demand – Do I pay up?

It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Arnside. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Arnside ?

Most houses in Arnside 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. It is clear that you are purchasing in Arnside so you should seriously consider looking for a Arnside conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.

I am attracted to a couple of flats in Arnside which have about fifty years left on the lease term. should I be concerned?

There are plenty of short leases in Arnside. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

What makes a Arnside lease problematic?

Leasehold conveyancing in Arnside is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• 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 could 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. National Westminster Bank, Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

I inherited a 2 bed flat in Arnside, conveyancing was carried out 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Arnside with an extended lease are worth £199,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2098

With 73 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range 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 comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

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Lease Extensions in Arnside