There are only 68 years remaining on my lease in Buckingham. I now wish to extend my lease but my freeholder is absent. What should I do?

On the basis that you meet the appropriate requirements, 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. However, you will be required to prove that you have used your best endeavours to locate the lessor. For most situations an enquiry agent should be useful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Buckingham.

I am hoping to exchange soon on a studio apartment in Buckingham. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?

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

• Defining your legal entitlements in respect of common areas in the building.For example, does the lease permit a right of way over a path or hallways?

I am looking at a couple of flats in Buckingham which have about fifty years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Buckingham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, 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 Buckingham 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 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.

Can you offer any advice when it comes to appointing a Buckingham conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Buckingham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Buckingham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the firm with lease extension legislation?

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

Leasehold conveyancing in Buckingham is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.

Buckingham Leasehold Conveyancing - A selection of Queries Prior to Purchasing

Who takes responsibility for maintaining and repairing the building? It is important to be aware whether window replacement or some other major work is due shortly to be shared between the leaseholders and may well dramatically increase the the maintenance fees or necessitate a one off invoice. Is the freehold reversion owned collectively by the leaseholders?

Other Topics

Lease Extensions in Buckingham