Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Faversham. I now want to get lease extension but my landlord is absent. What should I do?

On the basis that you qualify, 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. You will be obliged to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations an enquiry agent would be helpful to conduct investigations and to produce a report which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Faversham.

Planning to complete next month on a studio apartment in Faversham. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Faversham should include some of the following:

• You should be sent a copy of the lease

Estate agents have just been given the go-ahead to market my 2 bed flat in Faversham.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of maisonettes in Faversham which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Faversham is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and banks, 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 Faversham 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 the frequently found deficiencies that you encounter in leases for Faversham properties?

Leasehold conveyancing in Faversham is not unique. Most leases are individual and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• 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

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and TSB 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 grant the mortgage, forcing the buyer to pull out.

Faversham Leasehold Conveyancing - A selection of Queries Prior to Purchasing

The answer will be important as a) areas may result in problems in the building as the common areas may begin to deteriorate if services are not paid for b) if the tenants have an issue with the managing agents you will want to have full disclosure Can you inform me if there are any major works in the near future that could increase the maintenance charges? Plenty Faversham leasehold flats will incur a service bill for the upkeep of the building invoiced by the freeholder. Where you purchase the property you will have to pay this charge, normally in instalments throughout the year. This could be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a rentcharge for you to pay yearly, this is usually not a significant sum, say around £50-£100 but you should to check it because on occasion it can be prohibitively expensive.

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Lease Extensions in Faversham