Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Oadby. 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 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 lengthened by the magistrate. However, you will be required to prove that you have made all reasonable attempts to locate the landlord. On the whole a specialist may be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Oadby.

I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Oadby. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Oadby are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Oadby so you should seriously consider shopping around for a Oadby 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. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house 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 couple of maisonettes in Oadby which have about forty five years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Oadby is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty 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 Oadby 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

What advice can you give us when it comes to finding a Oadby conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Oadby conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Oadby conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• What volume of lease extensions has the firm completed in Oadby in the last year?

What are the charges for lease extension conveyancing?

Completion in due on the sale of our £325000 flat in Oadby in just under a week. The management company has quoted £336 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Oadby?

For most leasehold sales in Oadby conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Oadby
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Oadby leasehold premises is £350. For Oadby 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 required to supply the information.

I inherited a studio flat in Oadby, conveyancing having been completed in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Oadby with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2094

With just 68 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

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Lease Extensions in Oadby