I only have 68 years unexpired on my flat in Oldland. I now wish to extend my lease but my freeholder is missing. What are my options?

If you meet the appropriate requirements, 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 Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases a specialist may be helpful to carry out a search and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Oldland.

I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Oldland. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Oldland are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Oldland so you should seriously consider looking for a Oldland 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 lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should appraise you on the various issues.

I own a leasehold house in Oldland. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Oldland who acted for me is not around.What should I do?

The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Oldland conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Oldland which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Oldland. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to finding a Oldland conveyancing firm to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Oldland conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Oldland conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If the firm is not ALEP accredited then what is the reason?

I acquired a leasehold flat in Oldland, conveyancing formalities finalised 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Oldland with a long lease are worth £253,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2087

You have 62 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns 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 before seeking the advice of a professional.

Other Topics

Lease Extensions in Oldland