I have recently realised that I have 62 years remaining on my lease in Redruth. I now want to extend my lease but my freeholder is absent. 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 mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole a specialist would be useful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Redruth.

Planning to complete next month on a ground floor flat in Redruth. Conveyancing lawyers assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• Does the lease require carpeting throughout thus preventing wood flooring?
• You should be told what constitutes a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What the implications are if you breach a clause of your lease?

I am tempted by the attractive purchase price for a two apartments in Redruth both have in the region of 50 years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Redruth is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with less than 75 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 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 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 Redruth 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 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.

Do you have any top tips for leasehold conveyancing in Redruth with the aim of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Redruth can be reduced where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Redruth state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such changes. Should you dont have the approvals in place you should not contact the landlord without checking with your solicitor before hand.
• If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than ongoing.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and delays many a Redruth conveyancing transaction. If a reissued share certificate is needed, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

Are there frequently found problems that you witness in leases for Redruth properties?

Leasehold conveyancing in Redruth is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.

Redruth Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

How many of the leaseholders are in arrears for their maintenance charge payments? You should be aware that where the lease has less than 80 years it will affect the value of the property. It is worth checking with your bank that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth finding out what this will be. For most Redruthlease extensions you would be be obliged to have been the owner of the property for a couple of years before you are entitled to extend the lease.