Having checked my lease I have discovered that there are only 62 years left on my lease in Stoke Newington. I am keen to extend my lease but my freeholder is missing. What options are available to me?

If you meet the appropriate requirements, 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 or your lawyers have made all reasonable attempts to find the lessor. For most situations a specialist may be useful to carry out a search and to produce a report to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court overseeing Stoke Newington.

I am hoping to complete next month on a ground floor flat in Stoke Newington. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Stoke Newington should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• 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
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• Responsibility for repairing the window frames
• What options are open to you if a neighbour breach a clause of their lease?

I am tempted by the attractive purchase price for a couple of maisonettes in Stoke Newington both have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Stoke Newington is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with under eighty years become less and less attractive. 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 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 a residence 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 Stoke Newington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I work for a long established estate agent office in Stoke Newington where we see a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local Stoke Newington conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that 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. This means that the buyer can avoid having to wait 2 years to extend their lease. 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 purchaser.

Can you offer any advice when it comes to choosing a Stoke Newington conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Stoke Newington conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Stoke Newington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?
• Can they put you in touch with client in Stoke Newington who can give a testimonial?

I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Stoke Newington conveyancing firm to help?

if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to decide the price.

An example of a Lease Extension matter before the tribunal for a Stoke Newington premises is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case was in relation to 1 flat.

I invested in buying a 2 bed flat in Stoke Newington, conveyancing having been completed in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Stoke Newington with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £60 per annum. The lease expires on 21st October 2106

With 80 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 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 in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously 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.