I have recently realised that I have 62 years unexpired on my lease in Bovey Tracey. I need to get lease extension but my landlord is missing. What options are available to me?

If 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 Court. However, you will be required to demonstrate that you have done all that could be expected to track down the landlord. On the whole an enquiry agent should be helpful to conduct investigations and prepare a report which can be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court covering Bovey Tracey.

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure 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 issues purchasing a leasehold house in Bovey Tracey. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Bovey Tracey are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Bovey Tracey in which case you should be looking for a Bovey Tracey conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I am tempted by the attractive purchase price for a two apartments in Bovey Tracey which have in the region of 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Bovey Tracey is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, 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 positive 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 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 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've recently bought a leasehold house in Bovey Tracey. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Are there common defects that you come across in leases for Bovey Tracey properties?

There is nothing unique about leasehold conveyancing in Bovey Tracey. All leases are individual and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

I inherited a 1 bedroom flat in Bovey Tracey, conveyancing having been completed 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Bovey Tracey with an extended lease are worth £179,000. The ground rent is £55 yearly. The lease ends on 21st October 2084

You have 59 years left to run we estimate the price of your lease extension to be between £23,800 and £27,400 as well as professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Bovey Tracey