I have recently realised that I have 68 years unexpired on my lease in Leek. I now want to get lease extension but my landlord is absent. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the landlord. On the whole an enquiry agent would be helpful to try and locate and prepare a report which can be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Leek.

I have just started marketing my garden apartment in Leek.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear the service charge 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 today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Leek. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Leek ?

The majority of houses in Leek are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Leek in which case you should be shopping around for a Leek conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a two maisonettes in Leek both have about fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Leek is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, 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 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 Leek 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 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.

I am a negotiator for a long established estate agent office in Leek where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Leek conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 buyer.

Leasehold Conveyancing in Leek - Examples of Questions you should consider Prior to Purchasing

The prefered form of lease structure is where the freehold title is owned by the leaseholders. In this scenario the leaseholders benefit from control and notwithstanding that a managing agent is often retained if it is larger than a house conversion, the managing agent employed by the leaseholders. The majority of Leek leasehold apartments will be liable to pay a service charge for the upkeep of the building invoiced on behalf of the freeholder. Should you buy the property you will have to meet this charge, normally in instalments during the year. This could be anything from a few hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge to be met yearly, ordinarily this is not a large figure, say approximately £25-£75 but you should to check it because sometimes it can be surprisingly expensive. Its a good idea to find out as much as you can about the company managing the block as they will either make your living at the property much simpler or uncomfortable. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the cleanliness of the common parts. Enquire of prospective neighbours what they think of them. On a final note, find out the dates that the service charges are due to the relevant party and precisely what you get for your money.

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Lease Extensions in Leek