Having had my offer accepted I require leasehold conveyancing in Street. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Street - then the leasehold title will always include the short particulars 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 68 years remaining on my flat in Street. I am keen to extend my lease but my freeholder is can not be found. What should I do?

On the basis that you qualify, 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 magistrate. You will be obliged to prove that you or your lawyers have used your best endeavours to find the landlord. On the whole a specialist would be useful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Street.

I work for a busy estate agency in Street where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Street conveyancing firms. Could you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

Do you have any top tips for leasehold conveyancing in Street from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Street can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
• The majority freeholders or managing agents in Street levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Street.

In relation to leasehold conveyancing in Street what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Street. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• 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 will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.

I inherited a leasehold flat in Street, conveyancing was carried out in 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? Comparable properties in Street with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £60 yearly. The lease runs out on 21st October 2104

With only 79 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

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Lease Extensions in Street