I have recently realised that I have Fifty years remaining on my flat in Low Fell. I need to get lease extension but my freeholder is missing. What should I do?

If 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 granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. In some cases a specialist should be helpful to carry out a search and to produce an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Low Fell.

Due to exchange soon on a studio apartment in Low Fell. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Low Fell should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

The physical extent of the premises. This will be the flat itself but may include a loft or basement if appropriate.

Ground rent - how much and when you need to pay, and also know whether this is subject to change

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

You should have a good understanding of the insurance provisions

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Low Fell please ask your conveyancer in advance of your conveyancing in Low Fell

I am looking at a two flats in Low Fell both have approximately 50 years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Low Fell is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 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 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 Low Fell 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.

I am a negotiator for a long established estate agent office in Low Fell where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Low Fell conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that 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 buyer 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 before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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.

We expect to complete the sale of our £250000 garden flat in Low Fell next Friday . The management company has quoted £360 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Low Fell?

Low Fell conveyancing on leasehold flats normally involves fees being invoiced by freeholders :

• Addressing pre-exchange enquiries
• Where consent is required before sale in Low Fell
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Low Fell leasehold premises is £350. For Low Fell conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

I am the registered owner of a leasehold flat in Low Fell, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Low Fell with over 90 years remaining are worth £200,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2081

You have 55 years remaining on your lease we estimate the price of your lease extension to span between £28,500 and £33,000 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Low Fell