Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Calcot. I am keen to extend my lease but my freeholder is missing. 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 for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to track down the lessor. For most situations an enquiry agent may be useful to conduct investigations and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court covering Calcot.

I am looking at a two flats in Calcot which have about 50 years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Calcot 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 property. The majority of purchasers and lenders, leases with less than 75 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 property 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 Calcot 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 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.

I am a negotiator for a long established estate agent office in Calcot where we see a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Calcot conveyancing solicitors. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

Can you provide any advice for leasehold conveyancing in Calcot from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Calcot can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
• Many freeholders or managing agents in Calcot charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Calcot.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Calcot state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Should you fail to have the approvals in place do not contact the landlord without contacting your lawyer in advance.
• If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a replacement share certificate can be a time consuming process and frustrates many a Calcot home move. Where a reissued share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

When it comes to leasehold conveyancing in Calcot what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Calcot. All leases is drafted differently and drafting errors can result in certain sections 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
• 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 may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Aldermore 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 pull out.

I own a leasehold flat in Calcot, conveyancing having been completed 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Calcot with a long lease are worth £173,000. The average or mid-range amount of ground rent is £60 yearly. The lease comes to an end on 21st October 2106

You have 80 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.