There are only Sixty One years unexpired on my lease in Ferring and Goring. I now wish 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 submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. For most situations a specialist would be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Ferring and Goring.

I am tempted by the attractive purchase price for a couple of flats in Ferring and Goring which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Ferring and Goring. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold flat in Ferring and Goring. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 ensure 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).

I am employed by a busy estate agency in Ferring and Goring where we see a few flat sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Ferring and Goring conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Can you offer any advice when it comes to appointing a Ferring and Goring conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Ferring and Goring conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Ferring and Goring conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How many lease extensions has the firm completed in Ferring and Goring in the last 12 months?

I own a basement flat in Ferring and Goring, conveyancing having been completed 10 years ago. How much will my lease extension cost? Equivalent properties in Ferring and Goring with an extended lease are worth £181,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2105

You have 80 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Ferring and Goring