I am on look out for some leasehold conveyancing in Mayfair. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and almost all are in Mayfair - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I only have Fifty years remaining on my lease in Mayfair. I need 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 enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. In some cases a specialist would be useful to carry out a search and prepare a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Mayfair.

I own a leasehold flat in Mayfair. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Mayfair who previously acted has long since retired.What should I do?

The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. You do not need to instruct a Mayfair conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

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

There is no doubt about it. A leasehold flat in Mayfair is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. 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 property 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 Mayfair 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.

Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Mayfair. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.

An example of a Lease Extension case for a Mayfair premises is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case affected 1 flat. The the unexpired residue of the current lease was 21 years.

What are the frequently found defects that you witness in leases for Mayfair properties?

Leasehold conveyancing in Mayfair is not unique. Most leases are individual and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• 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. Lloyds TSB Bank, Leeds Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

I acquired a studio flat in Mayfair, conveyancing formalities finalised 1995. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Mayfair with an extended lease are worth £168,000. The ground rent is £65 per annum. The lease finishes on 21st October 2084

With only 58 years unexpired we estimate the price of your lease extension to be between £24,700 and £28,600 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.