Having checked my lease I have discovered that there are only 72 years remaining on my flat in Bovey Tracey. I am keen to get lease extension but my landlord is can not be found. 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 an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist may be useful to try and locate and prepare a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Bovey Tracey.

I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Bovey Tracey. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Bovey Tracey ?

The majority of houses in Bovey Tracey are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bovey Tracey in which case you should be looking for a Bovey Tracey conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.

I am attracted to a couple of flats in Bovey Tracey which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Bovey Tracey is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and banks, leases with under 75 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 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 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 Bovey Tracey 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 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 any new 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.

I am employed by a busy estate agent office in Bovey Tracey where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Bovey Tracey conveyancing solicitors. Can you clarify whether the vendor of a flat can commence the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Are there frequently found problems that you encounter in leases for Bovey Tracey properties?

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

• Repairing obligations to or maintain elements of the property
• 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

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

I invested in buying a split level flat in Bovey Tracey, conveyancing was carried out 4 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 properties in Bovey Tracey with a long lease are worth £243,000. The ground rent is £60 charged once a year. The lease finishes on 21st October 2093

You have 68 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Bovey Tracey