Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Stanley. I need to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that 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 extended by the Court. You will be obliged to prove that you have used your best endeavours to track down the freeholder. On the whole an enquiry agent should be useful to conduct investigations and to produce a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Stanley.

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Stanley. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Stanley ?

Most houses in Stanley are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Stanley in which case you should be shopping around for a Stanley conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

Can you offer any advice when it comes to appointing a Stanley conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Stanley conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Stanley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

• How many lease extensions have they carried out in Stanley in the last 12 months?
• What are the legal fees for lease extension work?

Can you provide any top tips for leasehold conveyancing in Stanley with the aim of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Stanley can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Stanley leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. If you dont have the paperwork to hand you should not contact the landlord without checking with your solicitor in the first instance.
• A minority of Stanley leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

What makes a Stanley lease unmortgageable?

Leasehold conveyancing in Stanley is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• 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

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. Accord Mortgages Ltd, Virgin Money, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

I invested in buying a garden flat in Stanley, conveyancing was carried out in 2001. How much will my lease extension cost? Comparable properties in Stanley with an extended lease are worth £229,000. The ground rent is £65 levied per year. The lease ends on 21st October 2081

With just 55 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 plus legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.