I only have Seventy years unexpired on my flat in Flitwick. I now wish to get lease extension but my freeholder 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 enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to locate the landlord. For most situations a specialist would be helpful to try and locate and to produce a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Flitwick.

I have just appointed agents to market my basement apartment in Flitwick.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – Do I pay up?

The sensible thing to do is 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 management companies 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've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Flitwick. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Flitwick ?

Most houses in Flitwick 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. We note that you are buying in Flitwick in which case you should be looking for a Flitwick conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a couple of maisonettes in Flitwick which have about forty five years left on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Flitwick 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 value of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat 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 premises 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 Flitwick 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 your top tips when it comes to appointing a Flitwick conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Flitwick conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Flitwick conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If they are not ALEP accredited then why not?

I bought a 2 bed flat in Flitwick, conveyancing was carried out 2005. How much will my lease extension cost? Comparable properties in Flitwick with a long lease are worth £244,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2090

With just 66 years left to run the likely cost is going to range between £14,300 and £16,400 as well as costs.

The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

Other Topics

Lease Extensions in Flitwick