Having checked my lease I have discovered that there are only Fifty years left on my flat in Whitby. I now want to get lease extension but my freeholder is absent. What are my options?

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 mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to find the lessor. In some cases a specialist may be useful to conduct investigations and to produce a report to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Whitby.

Looking forward to complete next month on a leasehold property in Whitby. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• Do you need to have carpet in the flat or are you allowed wood flooring?

I am looking at a couple of flats in Whitby both have approximately forty five years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Whitby 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 value of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. 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 property 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 Whitby 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 any new 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 Whitby where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Whitby conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence 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. 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 disposal of the property.

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 buyer.

What are your top tips when it comes to appointing a Whitby conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Whitby conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Whitby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

• If they are not ALEP accredited then why not?

Leasehold Conveyancing in Whitby - Examples of Questions you should ask Prior to buying

Best to be warned whether redecorating or some other significant cost is pending that will be shared between the leaseholders and may well dramatically increase the the maintenance costs or necessitate a specific payment. What is the name of the managing agents? Its a good idea to discover as much as you can concerning the company managing the building as they can either make your living at the property much simpler or uncomfortable. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the common parts. Don't be shy to ask other people what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the appropriate party and precisely how they are spending that money.

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Lease Extensions in Whitby