Having checked my lease I have discovered that there are only 68 years remaining on my lease in Kingsthorpe. I now wish to extend my lease but my freeholder is missing. What options are available to me?

If 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 mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. For most situations a specialist may be useful to conduct investigations and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Kingsthorpe.

I am hoping to complete next month on a ground floor flat in Kingsthorpe. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Kingsthorpe should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I am looking at a two flats in Kingsthorpe which have about forty five years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Kingsthorpe is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under eighty 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 property 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 Kingsthorpe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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've recently bought a leasehold flat in Kingsthorpe. Do I have any liability for service charges relating to a period prior to my ownership?

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. Strange as it may seem, 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).

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

If you are instructing a solicitor for your lease extension (regardless if they are a Kingsthorpe conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Kingsthorpe conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

• How familiar is the firm with lease extension legislation?

I am the registered owner of a basement flat in Kingsthorpe, conveyancing formalities finalised in 2011. 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? Corresponding flats in Kingsthorpe with an extended lease are worth £247,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2095

With just 70 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Kingsthorpe