I have recently realised that I have 62 years remaining on my flat in Studley. I now want to get lease extension 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 submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent may be useful to carry out a search and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Studley.

I have just started marketing my 2 bed apartment in Studley.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a couple of maisonettes in Studley which have about forty five years left on the lease term. should I be concerned?

A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £150000 garden flat in Studley next week. The freeholder has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Studley?

Studley conveyancing on leasehold apartments usually necessitates fees being levied by landlords agents :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Studley
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Studley leasehold property is £350. For Studley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

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

Leasehold conveyancing in Studley is not unique. Most leases are unique 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:

• A provision to repair 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

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. Barclays , Leeds Building Society, and Britannia all have express 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 grant the mortgage, forcing the purchaser to pull out.

I am the registered owner of a leasehold flat in Studley, conveyancing was carried out 1998. How much will my lease extension cost? Comparable properties in Studley with an extended lease are worth £182,000. The ground rent is £50 yearly. The lease ceases on 21st October 2086

You have 61 years unexpired we estimate the price of your lease extension to span between £19,000 and £22,000 as well as legals.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

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Lease Extensions in Studley