I only have 62 years remaining on my flat in Templecombe. I now want to extend my lease but my freeholder is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, 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 lengthened by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the landlord. For most situations an enquiry agent may be useful to try and locate and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Templecombe.

I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Templecombe. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Templecombe ?

The majority of houses in Templecombe are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Templecombe in which case you should be shopping around for a Templecombe conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.

My wife and I purchased a leasehold flat in Templecombe. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Templecombe who acted for me is not around.What should I do?

First make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Templecombe conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two apartments in Templecombe both have approximately 50 years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Templecombe is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive 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 premises 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 Templecombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 long established estate agency in Templecombe where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Templecombe conveyancing solicitors. Could you shed some light as to whether the vendor 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

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 buyer.

Templecombe Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

Is anyone aware of any major works in the planning that will likely add a premium to the service charges? How much is the maintenance charge and ground rent on the flat? Does the lease have onerous restrictions?

Other Topics

Lease Extensions in Templecombe