There are only Fifty years unexpired on my flat in Buckden. I now want to get lease extension but my landlord is can not be found. What are my options?

If 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 mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the lessor. In some cases an enquiry agent would be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Buckden.

I am hoping to exchange soon on a studio apartment in Buckden. Conveyancing lawyers inform me that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Buckden should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Buckden. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Buckden ?

Most houses in Buckden 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 apparent that you are buying in Buckden so you should seriously consider shopping around for a Buckden conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.

I am attracted to a two maisonettes in Buckden both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Buckden is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and banks, leases with less than 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 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 Buckden 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 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 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.

What advice can you give us when it comes to appointing a Buckden conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Buckden conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Buckden conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the practice with lease extension legislation?

Buckden Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

Are there any major works in the near future that could increase the maintenance fees? The best form of lease arrangement is where the freehold interest is owned by the leaseholders. In this situation the tenants enjoy control and even though a managing agent is frequently employed if the building is larger than a house conversion, the managing agent retained by the leaseholders. If a Buckden lease has fewer than 80 years it will impact the marketability of the property. Check with your mortgage company that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will be be obliged to have owned the property for two years before you are legally able to exercise a lease extension.

Other Topics

Lease Extensions in Buckden