I have recently realised that I have 68 years unexpired on my flat in East Boldon. I now want to get lease extension but my freeholder is missing. What should I do?

On the basis that you qualify, 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 enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the freeholder. On the whole a specialist should be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing East Boldon.

I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in East Boldon. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in East Boldon ?

Most houses in East Boldon are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in East Boldon in which case you should be shopping around for a East Boldon conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in East Boldon which have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in East Boldon is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers 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 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 East Boldon 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 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 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.

Last month I purchased a leasehold flat in East Boldon. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).

All being well we will complete the disposal of our £300000 garden flat in East Boldon in just under a week. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in East Boldon?

East Boldon conveyancing on leasehold flats often necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They may charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. In reality one has little choice but to pay whatever is demanded if you want to complete the sale of your home.

Leasehold Conveyancing in East Boldon - Examples of Queries before buying

How much is the maintenance charge and ground rent on the flat? You should want to find out as much as you can about the managing agents as they will either make life much simpler or much more difficult. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the common parts. Ask other people if they are happy with them. On a final note, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically what it includes. Who are the managing agents?

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Lease Extensions in East Boldon