Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Sawtry. I now want to get lease extension but my freeholder is missing. What are my options?

If you qualify, 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. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole a specialist would be helpful to carry out a search and to produce a report to be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the application to the County Court covering Sawtry.

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Sawtry. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Sawtry ?

Most houses in Sawtry are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Sawtry in which case you should be shopping around for a Sawtry conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Sawtry which have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Sawtry 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 salability of the premises. For most purchasers and mortgage companies, leases with less than eighty 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 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 Sawtry 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Sawtry conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Sawtry conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• If they are not ALEP accredited then what is the reason?
• How many lease extensions has the firm carried out in Sawtry in the last 12 months?

In relation to leasehold conveyancing in Sawtry what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Sawtry. All leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements 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

You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Bank of Scotland, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.

Sawtry Leasehold Conveyancing - Examples of Questions you should ask Prior to buying

The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and although a managing agent is usually employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. In the main the cost for major works are not wrapped into the service charges, although a few managing agents in Sawtry obliged tenants to pay into a reserve fund and this is used to offset against major works. What is the name of the managing agents?