I only have Sixty One years remaining on my lease in Gunnislake. I now wish to get lease extension but my freeholder is can not be found. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. On the whole an enquiry agent would be useful to carry out a search and to produce 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 property lawyer both on proving the landlord’s absence and the application to the County Court overseeing Gunnislake.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Gunnislake. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Gunnislake ?

Most houses in Gunnislake 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 purchasing in Gunnislake so you should seriously consider looking for a Gunnislake conveyancing practitioner and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.

Back In 2005, I bought a leasehold flat in Gunnislake. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Gunnislake who previously acted has now retired.Any advice?

First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Gunnislake conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two maisonettes in Gunnislake both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Gunnislake is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. 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 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 Gunnislake 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.

When it comes to leasehold conveyancing in Gunnislake what are the most common lease problems?

There is nothing unique about leasehold conveyancing in Gunnislake. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I am the registered owner of a 1st floor flat in Gunnislake, conveyancing formalities finalised in 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Gunnislake with a long lease are worth £255,000. The average or mid-range amount of ground rent is £60 yearly. The lease finishes on 21st October 2079

With just 54 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

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Lease Extensions in Gunnislake