There are only 72 years left on my lease in Mayfair. I now want to get lease extension but my freeholder is missing. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 have made all reasonable attempts to find the lessor. On the whole a specialist should be useful to try and locate and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Mayfair.

I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Mayfair. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Mayfair are freehold rather than 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 apparent that you are buying in Mayfair in which case you should be looking for a Mayfair conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of apartments in Mayfair both have approximately 50 years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Mayfair is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and banks, leases with less than 75 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 property 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 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 Mayfair conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Mayfair conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Mayfair conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the firm with lease extension legislation?
• What are the costs for lease extension conveyancing?

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £ 375000 apartment in Mayfair on Friday in a week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Mayfair?

Mayfair conveyancing on leasehold maisonettes often involves the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you if you want to complete the sale of your home.

Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Mayfair. Can the Leasehold Valuation Tribunal adjudicate on premiums?

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

An example of a Lease Extension matter before the tribunal for a Mayfair flat 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.

I am the registered owner of a 1 bedroom flat in Mayfair, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Mayfair with a long lease are worth £236,000. The ground rent is £50 per annum. The lease ends on 21st October 2090

You have 64 years left to run we estimate the price of your lease extension to be between £14,300 and £16,400 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account 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 seeking the advice of a professional.