There are only 72 years remaining on my lease in Preston Park. I am keen to extend my lease but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have made all reasonable attempts to track down the lessor. For most situations an enquiry agent would be useful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Preston Park.

I am tempted by the attractive purchase price for a couple of apartments in Preston Park which have approximately 50 years remaining on the leases. Do I need to be concerned?

There are plenty of short leases in Preston Park. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

I am employed by a long established estate agent office in Preston Park where we have experienced a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Preston Park conveyancing firms. Could you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Do you have any advice for leasehold conveyancing in Preston Park from the perspective of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Preston Park can be reduced if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Preston Park state that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. Should you fail to have the approvals in place do not contact the landlord without contacting your lawyer in the first instance.
• A minority of Preston Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is below 80 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

All being well we will complete the disposal of our £ 175000 garden flat in Preston Park on Tuesday in a week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Preston Park?

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

• Completing pre-exchange enquiries
• Where consent is required before sale in Preston Park
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Preston Park leasehold property is £350. For Preston Park 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 obliged to supply answers.

I invested in buying a 1 bedroom flat in Preston Park, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Preston Park with a long lease are worth £227,000. The ground rent is £65 per annum. The lease terminates on 21st October 2099

You have 73 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 as well as legals.

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 due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.