I only have Seventy years remaining on my lease in Brondesbury. I now want to extend my lease but my landlord is missing. What should I do?

On the basis that you qualify, 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 used your best endeavours to find the lessor. On the whole a specialist may be useful to carry out a search and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Brondesbury.

I am attracted to a two apartments in Brondesbury which have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I work for a busy estate agency in Brondesbury where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Brondesbury conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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.

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

When appointing a property lawyer for your lease extension (regardless if they are a Brondesbury conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Brondesbury 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:

• What volume of lease extensions have they carried out in Brondesbury in the last twenty four months?

I have had difficulty in trying to purchase the freehold in Brondesbury. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Absolutely. We can put you in touch with a Brondesbury conveyancing firm who can help.

An example of a Lease Extension decision for a Brondesbury property is 50a Cavendish Road in April 2014. The Tribunal determines that the premium payable by the Applicant in respect of the extension of the lease for the flat was £82,319. This case related to 1 flat. The the unexpired term as at the valuation date was 49.26 years.

When it comes to leasehold conveyancing in Brondesbury what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Brondesbury. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• 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 encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Barnsley Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

Other Topics

Lease Extensions in Brondesbury