There are only Sixty One years left on my lease in Freezywater. I need to extend my lease but my freeholder is can not be found. What are my options?

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 Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent would be helpful to conduct investigations and prepare an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Freezywater.

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Freezywater. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Freezywater are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Freezywater so you should seriously consider looking for a Freezywater conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of apartments in Freezywater both have in the region of fifty years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Freezywater is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and mortgage companies, leases with less than eighty 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 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 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 Freezywater 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 employed by a long established estate agent office in Freezywater where we have witnessed a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Freezywater conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

Despite our best efforts, we have been unsuccessful in negotiating a lease extension in Freezywater. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price.

An example of a Vesting Order and Purchase of freehold decision for a Freezywater premises is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The unexpired term was 80.01 years.

What are the frequently found problems that you witness in leases for Freezywater properties?

Leasehold conveyancing in Freezywater is not unique. All leases are individual and drafting errors 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 parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Bank of Scotland, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

I bought a studio flat in Freezywater, conveyancing having been completed in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Freezywater with a long lease are worth £247,000. The ground rent is £60 per annum. The lease runs out on 21st October 2098

You have 72 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.