I only have 62 years remaining on my lease in Saltash. I need to get lease extension 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 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 Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the landlord. For most situations a specialist would be helpful to try and locate and prepare an expert document which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Saltash.

Expecting to sign contracts shortly on a garden flat in Saltash. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Saltash should include some of the following:

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Saltash. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Saltash ?

The majority of houses in Saltash are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Saltash so you should seriously consider shopping around for a Saltash conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of apartments in Saltash which have about forty five years unexpired on the leases. should I be concerned?

A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

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

If you are instructing a conveyancer for your lease extension (regardless if they are a Saltash conveyancing practice) it is imperative 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 Saltash conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• Can they put you in touch with client in Saltash who can give a testimonial?

I bought a studio flat in Saltash, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Saltash with a long lease are worth £204,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2089

With only 63 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Saltash