I only have 68 years unexpired on my flat in Shirehampton. I am keen to get lease extension but my landlord is missing. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole an enquiry agent may be helpful to try and locate and prepare an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Shirehampton.

I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Shirehampton. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Shirehampton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Shirehampton so you should seriously consider looking for a Shirehampton conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Shirehampton which have approximately 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Shirehampton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with under eighty 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 Shirehampton 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 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.

Last month I purchased a leasehold property in Shirehampton. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What makes a Shirehampton lease unacceptable for security purposes?

Leasehold conveyancing in Shirehampton is not unique. All leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• 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

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Virgin Money, and Godiva Mortgages Ltd all have very detailed conveyancing instructions 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.

I invested in buying a split level flat in Shirehampton, conveyancing having been completed 2006. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Shirehampton with a long lease are worth £197,000. The average or mid-range amount of ground rent is £50 yearly. The lease finishes on 21st October 2101

With 75 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.