There are only Seventy years remaining on my flat in Godmanchester. 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 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 have made all reasonable attempts to find the landlord. For most situations a specialist would be useful to conduct investigations and to produce a report which can 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 disappearance and the vesting order request to the County Court overseeing Godmanchester.

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Godmanchester. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Godmanchester ?

Most houses in Godmanchester are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Godmanchester in which case you should be shopping around for a Godmanchester conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I've recently bought a leasehold property in Godmanchester. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element 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 work for a reputable estate agency in Godmanchester where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Godmanchester conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has been the owner 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. This means that the proposed purchaser need not have to wait 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 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.

Can you provide any top tips for leasehold conveyancing in Godmanchester from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Godmanchester can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers lawyers.
• The majority freeholders or Management Companies in Godmanchester levy fees for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Godmanchester.

I own a basement flat in Godmanchester, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Godmanchester with over 90 years remaining are worth £199,000. The ground rent is £50 invoiced every year. The lease expires on 21st October 2081

You have 57 years unexpired we estimate the premium for your lease extension to be between £24,700 and £28,600 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Godmanchester