I have recently realised that I have 68 years remaining on my flat in Ingleby Barwick. I am keen to extend my lease but my landlord 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 apply 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 locate the landlord. For most situations a specialist would be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Ingleby Barwick.

I have just started marketing my basement flat in Ingleby Barwick.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two apartments in Ingleby Barwick which have approximately forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Ingleby Barwick is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than 75 years become less and less attractive. On a more positive 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 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 Ingleby Barwick 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 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 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.

Can you offer any advice when it comes to appointing a Ingleby Barwick conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Ingleby Barwick conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Ingleby Barwick conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the firm with lease extension legislation?

Are there common defects that you see in leases for Ingleby Barwick properties?

Leasehold conveyancing in Ingleby Barwick is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Norwich and Peterborough Building Society, 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 provide security, obliging the purchaser to withdraw.

I own a studio flat in Ingleby Barwick, conveyancing formalities finalised in 1997. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Ingleby Barwick with an extended lease are worth £253,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2083

With only 58 years left to run we estimate the premium for your lease extension to be between £22,800 and £26,400 plus legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues 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 without first getting professional advice.

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Lease Extensions in Ingleby Barwick