I only have 68 years left on my flat in Surrey Quays. I now want to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that 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 extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole an enquiry agent 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 advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Surrey Quays.

I have just started marketing my ground floor apartment in Surrey Quays.Conveyancing solicitors are to be appointed soon but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a couple of flats in Surrey Quays both have approximately 50 years unexpired on the leases. should I be concerned?

There are plenty of short leases in Surrey Quays. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

I am employed by a busy estate agent office in Surrey Quays where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Surrey Quays conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. 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.

I own a basement flat in Surrey Quays. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

Most certainly. We can put you in touch with a Surrey Quays conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Surrey Quays residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The the unexpired term as at the valuation date was 101.61 years.

When it comes to leasehold conveyancing in Surrey Quays what are the most common lease problems?

Leasehold conveyancing in Surrey Quays is not unique. All leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• 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 primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Norwich and Peterborough Building Society, and Nottingham Building Society all have express conveyancing instructions 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, obliging the buyer to withdraw.

I own a basement flat in Surrey Quays, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Surrey Quays with an extended lease are worth £181,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2081

With only 55 years unexpired we estimate the premium for your lease extension to span between £28,500 and £33,000 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.