There are only 62 years unexpired on my flat in Stokesley. I am keen 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 magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the lessor. In some cases an enquiry agent should be useful to conduct investigations and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Stokesley.

Looking forward to exchange soon on a basement flat in Stokesley. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I am looking at a two flats in Stokesley both have in the region of 50 years left on the lease term. Will this present a problem?

There are plenty of short leases in Stokesley. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

What are your top tips when it comes to finding a Stokesley conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Stokesley conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Stokesley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?

If all goes to plan we aim to complete the disposal of our £275000 apartment in Stokesley on Friday in a week. The landlords agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Stokesley?

Stokesley conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be willing to do so. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded should you wish to sell the property.

Stokesley Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

You should want to find out as much as possible concerning the company managing the building as they can either make life much easier or problematic. As the proprietor of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the common parts. You should not be shy to ask other tenants whether they are happy with their management. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money. If a Stokesley lease has less than 80 years it will impact the marketability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this will be. Remember, in most cases you would need to own the property for two years in order to be entitled to carry out a lease extension. Is anyone aware of any major works on the horizon that will add a premium to the service costs?

Other Topics

Lease Extensions in Stokesley