I have recently realised that I have Fifty years remaining on my flat in Market Rasen. I now wish to extend my lease but my landlord is absent. 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 for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to find the landlord. On the whole an enquiry agent should be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Market Rasen.

Due to sign contracts shortly on a ground floor flat in Market Rasen. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

I’m about to sell my 2 bed flat in Market Rasen.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?

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 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. Having a clear account will assist your cause and will leave you no worse off financially.

Last month I purchased a leasehold property in Market Rasen. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

Are there common deficiencies that you see in leases for Market Rasen properties?

Leasehold conveyancing in Market Rasen is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• 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

You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and TSB 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 defective they may refuse to provide security, obliging the purchaser to pull out.

I own a 2 bed flat in Market Rasen, conveyancing was carried out in 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Market Rasen with a long lease are worth £219,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease expires on 21st October 2079

With 54 years unexpired we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as costs.

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 detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Market Rasen