There are only 72 years remaining on my flat in Prescot. I now want to extend my lease but my landlord is missing. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the freeholder. In some cases an enquiry agent would be helpful to carry out a search and to produce a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Prescot.

I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Prescot. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Prescot are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Prescot in which case you should be looking for a Prescot conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am looking at a couple of apartments in Prescot which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Prescot 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 value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat 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 a residence 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 Prescot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

Can you offer any advice when it comes to appointing a Prescot conveyancing firm to carry out our lease extension conveyancing?

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

• How many lease extensions have they completed in Prescot in the last year?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350000 garden flat in Prescot in 5 days. The management company has quoted £384 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Prescot?

Prescot conveyancing on leasehold apartments usually necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They are at liberty invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

I inherited a 1 bedroom flat in Prescot, conveyancing formalities finalised in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Prescot with an extended lease are worth £220,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2081

With 57 years left to run the likely cost is going to span between £25,700 and £29,600 as well as professional fees.

The suggested premium range 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. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

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Lease Extensions in Prescot