I have recently realised that I have Sixty One years remaining on my lease in Fenham. I am keen to extend my lease but my landlord is can not be found. 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 lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent may be useful to conduct investigations and prepare an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Fenham.

Planning to exchange soon on a leasehold property in Fenham. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Fenham should include some of the following:

• You should be sent a copy of the lease

I am tempted by the attractive purchase price for a couple of apartments in Fenham which have about fifty years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Fenham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of 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 property 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 a residence 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 Fenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I am employed by a reputable estate agent office in Fenham where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Fenham conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?

Provided that the seller has owned the lease 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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 buyer.

We expect to complete the sale of our £450000 maisonette in Fenham on Tuesday in a week. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Fenham?

Fenham conveyancing on leasehold maisonettes more often than not involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions the majority will be content to do so. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the charge is technically not due. In reality you have little option but to pay whatever is requested of you if you want to complete the sale of your home.

Fenham Leasehold Conveyancing - Sample of Questions you should consider before buying

Where a Fenham lease has less than 80 years it will impact the salability of the flat. Check with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you will need to own the residence for two years in order to be eligible to extend the lease. It would be wise to find out as much as you can concerning the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical issues like the cleanliness of the communal areas. Don't be shy to ask other people whether they are happy with them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money. Who are the managing agents?

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Lease Extensions in Fenham