I have recently realised that I have Sixty One years remaining on my lease in Shepton Mallet. I need to extend my lease but my landlord is absent. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to find the landlord. On the whole a specialist would be helpful to conduct investigations and to produce a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Shepton Mallet.

I am hoping to complete next month on a ground floor flat in Shepton Mallet. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

• Does the lease prevent you from letting out the property, or working from home

I am attracted to a couple of flats in Shepton Mallet both have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Shepton Mallet is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most 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 property 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 Shepton Mallet 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 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 are your top tips when it comes to finding a Shepton Mallet conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Shepton Mallet conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Shepton Mallet conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• What volume of lease extensions has the firm completed in Shepton Mallet in the last 12 months?

What makes a Shepton Mallet lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Shepton Mallet. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I am the registered owner of a basement flat in Shepton Mallet, conveyancing formalities finalised 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Shepton Mallet with a long lease are worth £205,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2082

With only 57 years unexpired the likely cost is going to span between £24,700 and £28,600 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. 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 without first seeking the advice of a professional.

Other Topics

Lease Extensions in Shepton Mallet