I only have 62 years remaining on my lease in Chadderton. I now wish to get lease extension but my landlord 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 lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole an enquiry agent would be useful to carry out a search and prepare a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Chadderton.

My wife and I purchased a leasehold house in Chadderton. Conveyancing and Bank of Ireland mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Chadderton who previously acted has now retired.Any advice?

First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Chadderton conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of maisonettes in Chadderton both have in the region of fifty years left on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Chadderton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. 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 Chadderton 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.

What are your top tips when it comes to appointing a Chadderton conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Chadderton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Chadderton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• What volume of lease extensions have they carried out in Chadderton in the last year?

Are there frequently found defects that you witness in leases for Chadderton properties?

There is nothing unique about leasehold conveyancing in Chadderton. Most leases are individual and drafting errors can result in certain sections 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 building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

I am the registered owner of a basement flat in Chadderton, conveyancing having been completed in 2012. 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? Comparable flats in Chadderton with a long lease are worth £265,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2094

With just 69 years unexpired we estimate the price of your lease extension to be between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

Other Topics

Lease Extensions in Chadderton