I have recently realised that I have 68 years left on my flat in Wilmslow. I need to get lease extension but my freeholder is absent. What are my options?

If 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 granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases an enquiry agent would be helpful to carry out a search and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Wilmslow.

I am tempted by the attractive purchase price for a couple of apartments in Wilmslow which have approximately 50 years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Wilmslow. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I am employed by a busy estate agency in Wilmslow where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Wilmslow conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done prior to, 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 advice can you give us when it comes to choosing a Wilmslow conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Wilmslow conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Wilmslow conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• Can they put you in touch with client in Wilmslow who can give a testimonial?

In relation to leasehold conveyancing in Wilmslow what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Wilmslow. Most leases is drafted differently and drafting errors can result in certain provisions 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 property
• 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

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. Birmingham Midshires, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.

I own a ground floor flat in Wilmslow, conveyancing was carried out in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Wilmslow with over 90 years remaining are worth £215,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2082

With 57 years remaining on your lease we estimate the premium for your lease extension to span between £28,500 and £33,000 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Wilmslow