I have recently realised that I have 62 years left on my lease in Thornton. I need to get lease extension but my freeholder is can not be found. What options are available to me?

If you meet the appropriate requirements, 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 Court. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. For most situations an enquiry agent would be helpful to carry out a search and prepare a report 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 in relation to investigating the landlord’s absence and the application to the County Court covering Thornton.

Estate agents have just been given the go-ahead to market my garden flat in Thornton.Conveyancing is yet to be initiated but I have just had a yearly service charge demand – what should I do?

The sensible thing to do is clear 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two apartments in Thornton which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Thornton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Thornton 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 work for a long established estate agent office in Thornton where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Thornton conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser can avoid having 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 disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

What are your top tips when it comes to appointing a Thornton conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Thornton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Thornton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• How experienced is the practice with lease extension legislation?

Leasehold Conveyancing in Thornton - Examples of Questions you should consider before Purchasing

Who is in charge of the block? Are any of leasehold owners in arrears of their service charge payments? In the main the outlay for major works tend not to be included within maintenance charges, although some managing agents in Thornton obliged leasehold owners to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.

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Lease Extensions in Thornton