I only have 62 years left on my flat in Seaham. I am keen to extend my lease but my freeholder is missing. 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 granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the freeholder. For most situations an enquiry agent would be helpful to try and locate and prepare a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court covering Seaham.

I am tempted by the attractive purchase price for a couple of flats in Seaham which have approximately fifty years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Seaham is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. 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 property 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 Seaham 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.

What advice can you give us when it comes to appointing a Seaham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Seaham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Seaham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If the firm is not ALEP accredited then why not?

How many lease extensions has the firm carried out in Seaham in the last year?

Do you have any advice for leasehold conveyancing in Seaham from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Seaham can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
• The majority landlords or Management Companies in Seaham levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Seaham.

If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Seaham leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. If you dont have the paperwork in place do not communicate with the landlord without contacting your lawyer in the first instance.

If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Organising a replacement share certificate is often a time consuming process and delays many a Seaham home move. If a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Completion in due on the disposal of our £450000 flat in Seaham next Monday . The management company has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Seaham?

Seaham conveyancing on leasehold apartments ordinarily results in fees being levied by freeholders :

• Completing conveyancing due diligence questions
• Where consent is required before sale in Seaham
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Seaham leasehold property is £350. For Seaham 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 the information.

Seaham Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

Does the lease have onerous restrictions? Who manages the block? How many years are left on the lease?

Other Topics

Lease Extensions in Seaham