I am on look out for some leasehold conveyancing in Sittingbourne. Before I set the wheels in motion I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Sittingbourne - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Having checked my lease I have discovered that there are only Sixty One years left on my flat in Sittingbourne. I now wish to extend my lease but my freeholder is missing. What options are available to me?

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 mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the landlord. On the whole a specialist may be useful to conduct investigations and to produce an expert document to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Sittingbourne.

I am tempted by the attractive purchase price for a couple of flats in Sittingbourne both have approximately 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Sittingbourne 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. The majority of buyers and lenders, leases with less than 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 Sittingbourne 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 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 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.

I am a negotiator for a reputable estate agency in Sittingbourne where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local Sittingbourne conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What are your top tips when it comes to choosing a Sittingbourne conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Sittingbourne conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Sittingbourne conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• How familiar is the firm with lease extension legislation?

I am the registered owner of a ground floor flat in Sittingbourne, conveyancing formalities finalised 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Sittingbourne with an extended lease are worth £225,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2098

You have 73 years remaining on your lease we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Sittingbourne