I am in need of some leasehold conveyancing in Oundle. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is registered - and most are in Oundle - 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.

There are only 72 years unexpired on my flat in Oundle. I now want to get lease extension but my landlord is absent. What should I do?

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 demonstrate that you or your lawyers have done all that could be expected to find the lessor. For most situations a specialist should be helpful to try and locate and to produce a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Oundle.

Looking forward to exchange soon on a studio apartment in Oundle. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Oundle should include some of the following:

• You should receive a copy of the lease

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Oundle. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Oundle are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Oundle so you should seriously consider looking for a Oundle conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.

I am looking at a two flats in Oundle which have in the region of 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Oundle is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. 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 property 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 premises 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 Oundle 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I am the registered owner of a garden flat in Oundle, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Oundle with an extended lease are worth £251,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2086

You have 61 years unexpired we estimate the price of your lease extension to span between £23,800 and £27,400 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

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Lease Extensions in Oundle