Having checked my lease I have discovered that there are only Seventy years unexpired on my lease in Holt. I am keen to get lease extension but my landlord is absent. 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 lengthened by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole an enquiry agent would be helpful to try and locate and to produce an expert document to be used as proof that the landlord is indeed missing. 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 Holt.

I am hoping to sign contracts shortly on a garden flat in Holt. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Holt should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

I am tempted by the attractive purchase price for a two maisonettes in Holt which have in the region of 50 years left on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Holt is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with under 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 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 Holt 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 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 a negotiator for a busy estate agent office in Holt where we see a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Holt conveyancing solicitors. Please can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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.

An alternative approach is 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 purchaser.

Do you have any top tips for leasehold conveyancing in Holt with the purpose of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Holt can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
• If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Holt leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you dont have the consents in place do not contact the landlord without checking with your solicitor before hand.

I invested in buying a leasehold flat in Holt, conveyancing was carried out 2006. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Holt with over 90 years remaining are worth £232,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2091

With 66 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Holt