I only have 72 years left on my lease in Monkseaton. I need to extend my lease but my freeholder is can not be found. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission 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 demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. In some cases a specialist may be useful to carry out a search and to produce a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court covering Monkseaton.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Monkseaton. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Monkseaton ?

Most houses in Monkseaton are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Monkseaton in which case you should be shopping around for a Monkseaton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Monkseaton both have in the region of fifty years left on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

Can you offer any advice when it comes to appointing a Monkseaton conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Monkseaton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Monkseaton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?

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

Leasehold conveyancing in Monkseaton is not unique. All leases is drafted differently and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have 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, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed 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, forcing the purchaser to pull out.

I am the registered owner of a leasehold flat in Monkseaton, conveyancing was carried out 2011. How much will my lease extension cost? Equivalent flats in Monkseaton with over 90 years remaining are worth £256,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ceases on 21st October 2077

With just 52 years remaining on your lease we estimate the premium for your lease extension to be between £33,300 and £38,400 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Monkseaton