I only have Fifty years remaining on my flat in Glossop. I need to get lease extension but my landlord is absent. What are my options?

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 granted an extra 90 years by the magistrate. You will be obliged to prove that you have used your best endeavours to locate the freeholder. In some cases an enquiry agent may be helpful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court covering Glossop.

I am hoping to complete next month on a ground floor flat in Glossop. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?

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

• You should be sent a copy of the lease

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Glossop. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Glossop ?

Most houses in Glossop are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Glossop in which case you should be looking for a Glossop conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.

I am looking at a two maisonettes in Glossop which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Glossop is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with less than 75 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 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 Glossop 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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 long established estate agency in Glossop where we have witnessed a few leasehold sales put at risk due to short leases. I have received contradictory information from local Glossop conveyancing firms. Can you shed some light as to whether the seller of a flat can start 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 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

I purchased a garden flat in Glossop, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Glossop with an extended lease are worth £181,000. The ground rent is £65 yearly. The lease finishes on 21st October 2096

With just 71 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns 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 before seeking the advice of a professional.

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Lease Extensions in Glossop