Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Faringdon. I now want to extend my lease but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, 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 mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the lessor. For most situations an enquiry agent may be useful to try and locate and to produce a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Faringdon.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Faringdon. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Faringdon are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Faringdon in which case you should be looking for a Faringdon conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.

I am looking at a couple of flats in Faringdon which have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a busy estate agency in Faringdon where we see a few flat sales derailed as a result of short leases. I have been given contradictory information from local Faringdon conveyancing firms. Could you confirm whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 purchaser.

Do you have any top tips for leasehold conveyancing in Faringdon from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Faringdon can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
• Many freeholders or Management Companies in Faringdon charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Faringdon.

I own a 1st floor flat in Faringdon, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Faringdon with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2087

You have 61 years left to run the likely cost is going to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

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Lease Extensions in Faringdon