I only have Sixty One years remaining on my flat in Malden Rushett. I am keen to get lease extension but my freeholder is missing. What options are available to me?

If you qualify, 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 mean that your lease can be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to find the freeholder. For most situations a specialist would be useful to carry out a search and prepare a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Malden Rushett.

I am hoping to exchange soon on a garden flat in Malden Rushett. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Malden Rushett should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
• Does the lease require carpeting throughout thus preventing wood flooring?
• Are pets allowed in the flat?
• You need to be told what counts as a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

I am attracted to a two apartments in Malden Rushett which have approximately 50 years left on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

Do you have any advice for leasehold conveyancing in Malden Rushett with the purpose of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Malden Rushett can be avoided if you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers solicitors.
• The majority freeholders or managing agents in Malden Rushett levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Malden Rushett.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Malden Rushett leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such works. Should you fail to have the consents in place you should not communicate with the landlord without checking with your lawyer in the first instance.
• A minority of Malden Rushett leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
• If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Arranging a re-issued share certificate can be a lengthy process and delays many a Malden Rushett conveyancing transaction. Where a new share is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.

I am the leaseholder of a first floor flat in Malden Rushett. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

Most certainly. We can put you in touch with a Malden Rushett conveyancing firm who can help.

An example of a Lease Extension decision for a Malden Rushett flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.

In relation to leasehold conveyancing in Malden Rushett what are the most common lease problems?

Leasehold conveyancing in Malden Rushett is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Coventry 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, forcing the buyer to withdraw.

I invested in buying a ground floor flat in Malden Rushett, conveyancing formalities finalised 1998. How much will my lease extension cost? Similar flats in Malden Rushett with a long lease are worth £256,000. The ground rent is £65 yearly. The lease ends on 21st October 2083

With just 57 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.