Having checked my lease I have discovered that there are only 72 years left on my lease in Tibshelf. I now want to extend my lease but my freeholder is missing. What are my options?

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 for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to find the landlord. On the whole an enquiry agent would be helpful to conduct investigations and to produce a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the vesting order request to the County Court covering Tibshelf.

I own a leasehold house in Tibshelf. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Tibshelf who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Tibshelf conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Tibshelf which have approximately forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Tibshelf is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. 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 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 Tibshelf conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 work for a long established estate agency in Tibshelf where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Tibshelf conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?

As long as 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. The benefit of this is that the proposed purchaser 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 prior to, or at the same time as completion of the sale.

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.

What makes a Tibshelf lease problematic?

There is nothing unique about leasehold conveyancing in Tibshelf. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. 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 premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have 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. Nationwide Building Society, Chelsea Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

I acquired a ground floor flat in Tibshelf, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Tibshelf with an extended lease are worth £176,000. The ground rent is £60 per annum. The lease ends on 21st October 2098

With only 73 years left to run the likely cost is going to be between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in Tibshelf