I have recently realised that I have Sixty One years remaining on my flat in Hockley. I now wish to get lease extension but my freeholder is absent. What options are available to me?

If you qualify, 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 granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to track down the landlord. For most situations a specialist should be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Hockley.

I am attracted to a two maisonettes in Hockley both have approximately fifty years left on the leases. should I be concerned?

There are plenty of short leases in Hockley. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

What are your top tips when it comes to finding a Hockley conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Hockley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Hockley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• How familiar is the practice with lease extension legislation?

We expect to complete the disposal of our £400000 garden flat in Hockley in just under a week. The freeholder has quoted £348 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Hockley?

Hockley conveyancing on leasehold apartments more often than not involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They are entitled levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, without which the invoice is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to sell the property.

When it comes to leasehold conveyancing in Hockley what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Hockley. All leases are unique and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• 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

You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

I inherited a leasehold flat in Hockley, conveyancing having been completed 2003. How much will my lease extension cost? Similar properties in Hockley with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2080

You have 54 years left to run we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as costs.

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 in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Hockley