I only have Seventy years unexpired on my lease in Wool. I now want to get lease extension but my landlord is absent. What should I do?

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 for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have used your best endeavours to locate the landlord. In some cases an enquiry agent would be useful to carry out a search and prepare a report which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Wool.

What are your top tips when it comes to choosing a Wool conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Wool conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Wool conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How familiar is the firm with lease extension legislation?

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

Do you have any advice for leasehold conveyancing in Wool with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Wool can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
• Many freeholders or Management Companies in Wool levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Wool.

In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Wool leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such works. Where you fail to have the consents in place you should not contact the landlord without contacting your solicitor in advance.

If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate is often a time consuming process and delays many a Wool home move. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Completion in due on our sale of a £125000 maisonette in Wool on Monday in a week. The freeholder has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Wool?

Wool conveyancing on leasehold maisonettes ordinarily results in fees being levied by management companies :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Wool
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Wool leasehold property is £350. For Wool conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

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

Leasehold conveyancing in Wool is not unique. Most leases are individual and drafting errors 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 elements of the building
• A duty to insure the building
• 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

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Coventry Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.

I bought a leasehold flat in Wool, conveyancing was carried out 2002. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Wool with an extended lease are worth £237,000. The ground rent is £60 per annum. The lease finishes on 21st October 2099

You have 74 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.

Other Topics

Lease Extensions in Wool