There are only Seventy years remaining on my lease in Westhoughton. I now want to extend my lease but my landlord is missing. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 prove that you have done all that could be expected to track down the lessor. On the whole an enquiry agent may be useful to carry out a search and prepare an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Westhoughton.

Looking forward to complete next month on a leasehold property in Westhoughton. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Westhoughton should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Westhoughton. Conveyancing advisers have not yet been appointed. Will they explain the issues?

Most houses in Westhoughton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Westhoughton in which case you should be shopping around for a Westhoughton conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.

I work for a reputable estate agent office in Westhoughton where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Westhoughton conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?

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 buyer can avoid having 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 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 purchaser.

What makes a Westhoughton lease defective?

Leasehold conveyancing in Westhoughton is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Nottingham Building Society 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 provide security, forcing the purchaser to pull out.

I inherited a studio flat in Westhoughton, conveyancing formalities finalised 2003. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Westhoughton with an extended lease are worth £219,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2103

You have 77 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Westhoughton