I have recently realised that I have Seventy years unexpired on my flat in Belmont. I now wish to get lease extension but my landlord 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 submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. On the whole a specialist would be useful to conduct investigations and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Belmont.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Belmont. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Belmont ?

Most houses in Belmont are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Belmont in which case you should be looking for a Belmont conveyancing practitioner 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 entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.

I am looking at a couple of flats in Belmont which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Belmont is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. 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 Belmont 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 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.

What advice can you give us when it comes to finding a Belmont conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Belmont conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Belmont conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If they are not ALEP accredited then what is the reason?

Can you provide any top tips for leasehold conveyancing in Belmont from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Belmont can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives.
• Some Belmont leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.

My wife and I have hit a brick wall in trying to purchase the freehold in Belmont. Can this matter be resolved via the Leasehold Valuation Tribunal?

Most definitely. We are happy to put you in touch with a Belmont conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Belmont residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The remaining number of years on the lease was 60.43 years.