I have recently realised that I have 62 years remaining on my flat in Bishops Cleeve. I now want to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the lessor. In some cases a specialist may be helpful to conduct investigations and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Bishops Cleeve.

Planning to sign contracts shortly on a leasehold property in Bishops Cleeve. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Bishops Cleeve should include some of the following:

• Defining your legal entitlements in respect of common areas in the building.By way of example, does the lease provide for a right of way over a path or staircase?
• Are pets allowed in the flat?
• You should be told what counts as a Nuisance in the lease
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• Responsibility for repairing the window frames

I am attracted to a couple of apartments in Bishops Cleeve which have in the region of 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Bishops Cleeve is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. 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 premises 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 a residence 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 Bishops Cleeve 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.

Can you provide any top tips for leasehold conveyancing in Bishops Cleeve from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Bishops Cleeve can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Bishops Cleeve state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such works. Should you fail to have the paperwork to hand you should not communicate with the landlord without contacting your lawyer before hand.
• Some Bishops Cleeve leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Obtaining a replacement share certificate is often a lengthy process and slows down many a Bishops Cleeve conveyancing deal. If a new share is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

In relation to leasehold conveyancing in Bishops Cleeve what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Bishops Cleeve. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• 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

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Britannia all have express requirements 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, obliging the purchaser to withdraw.

I purchased a studio flat in Bishops Cleeve, conveyancing formalities finalised in 1998. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Bishops Cleeve with over 90 years remaining are worth £236,000. The ground rent is £60 yearly. The lease terminates on 21st October 2101

With only 75 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.