I am on look out for some leasehold conveyancing in Lydney. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Lydney - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Having checked my lease I have discovered that there are only 72 years unexpired on my lease in Lydney. I now want to get lease extension but my landlord is can not be found. What are my options?

If 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 granted an extra 90 years by the magistrate. You will be obliged to prove that you have done all that could be expected to track down the freeholder. On the whole an enquiry agent should be helpful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Lydney.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Lydney. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Lydney ?

The majority of houses in Lydney are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Lydney so you should seriously consider shopping around for a Lydney conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

I am employed by a long established estate agency in Lydney where we have experienced a number of leasehold sales derailed due to short leases. I have received contradictory information from local Lydney conveyancing firms. Please can you confirm 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.

An alternative approach is 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.

Can you provide any advice for leasehold conveyancing in Lydney from the perspective of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Lydney can be reduced where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
• If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Lydney leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the paperwork to hand do not contact the landlord without checking with your solicitor in advance.

I bought a studio flat in Lydney, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Lydney with an extended lease are worth £204,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2075

With only 50 years unexpired the likely cost is going to be between £38,000 and £44,000 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Lydney