I have recently realised that I have 68 years unexpired on my flat in Parsons Green. I am keen to get lease extension but my freeholder 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 an order 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 prove that you have done all that could be expected to track down the freeholder. On the whole a specialist may be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s absence and the application to the County Court covering Parsons Green.

I am looking at a two apartments in Parsons Green which have approximately forty five years left on the leases. Will this present a problem?

There are plenty of short leases in Parsons Green. The lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. 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 lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena

I am employed by a long established estate agency in Parsons Green where we have experienced a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Parsons Green conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. 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 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 purchaser.

Can you offer any advice when it comes to finding a Parsons Green conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Parsons Green conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Parsons Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• How familiar is the firm with lease extension legislation?

I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Parsons Green conveyancing firm to act on my behalf?

You certainly can. We are happy to put you in touch with a Parsons Green conveyancing firm who can help.

An example of a Freehold Enfranchisement decision for a Parsons Green residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case affected 2 flats. The unexpired term was 93 years and 162 years.

In relation to leasehold conveyancing in Parsons Green what are the most frequent lease problems?

Leasehold conveyancing in Parsons Green is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. 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
• 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 can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Aldermore 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 defective they may refuse to provide security, obliging the purchaser to pull out.

Other Topics

Lease Extensions in Parsons Green