I have recently realised that I have 62 years unexpired on my lease in Winslow. I now wish to get lease extension but my freeholder is missing. What options are available to me?

On the basis that 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 lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. On the whole a specialist would be helpful to try and locate and to produce an expert document to be used as proof that the landlord is indeed missing. 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 Winslow.

Looking forward to sign contracts shortly on a garden flat in Winslow. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• You should be sent a copy of the lease

I am looking at a couple of flats in Winslow both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Winslow is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under eighty 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 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 Winslow 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 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.

Can you offer any advice when it comes to appointing a Winslow conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Winslow conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Winslow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

• How familiar is the firm with lease extension legislation?

When it comes to leasehold conveyancing in Winslow what are the most common lease defects?

Leasehold conveyancing in Winslow is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Clydesdale 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 defective they may refuse to provide security, forcing the purchaser to pull out.

Leasehold Conveyancing in Winslow - Examples of Questions you should ask Prior to Purchasing

Plenty Winslow leasehold flats will be liable to pay a service bill for the upkeep of the block levied by the landlord. Should you buy the apartment you will have to meet this liability, normally quarterly during the year. This could be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a rentcharge to be met annual, this is usually not a large sum, say around £25-£75 but you need to enquire it because on occasion it could be surprisingly expensive. Are there any major works on the horizon that could add a premium to the maintenance fees? Best to be warned whether changing the roof or some other significant cost is pending to be shared by the leaseholders and will materially increase the the service charges or require a one off invoice.

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Lease Extensions in Winslow