I have recently realised that I have Fifty years unexpired on my flat in Lydney. I now wish to extend my lease but my freeholder is absent. 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 submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to find the freeholder. For most situations an enquiry agent may be helpful to carry out a search and to produce a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Lydney.

Planning to exchange soon on a garden flat in Lydney. Conveyancing lawyers have said 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 Lydney should include some of the following:

• The total extent of the property. This will be the apartment itself but could also include a roof space or cellar if appropriate.
• Defining your legal entitlements in relation to the communal areas in the building.For example, does the lease grant a right of way over a path or hallways?
• Does the lease require carpeting throughout thus preventing wood flooring?
• Are pets allowed in the flat?
• Whether the lease restricts you from letting out the property, or having a home office for business
• Whether your lease has a provision for a reserve fund?
• Changes to the flat (alterations and additions)

Estate agents have just been given the go-ahead to market my 2 bed apartment in Lydney.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 management companies 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. This will smooth the conveyancing process.

I am attracted to a couple of flats in Lydney both have in the region of forty five years remaining on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Lydney is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with under 75 years become less and less marketable. 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 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 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 Lydney 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.

Last month I purchased a leasehold property in Lydney. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I bought a split level flat in Lydney, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Lydney with over 90 years remaining are worth £208,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2077

With just 51 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 as well as legals.

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 without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.