I have recently realised that I have 62 years remaining on my lease in Worplesdon. I need to get lease extension but my freeholder is can not be found. What options are available to me?

On the basis that you qualify, 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 extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. For most situations an enquiry agent would be helpful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the vesting order request to the County Court covering Worplesdon.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Worplesdon. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Worplesdon ?

The majority of houses in Worplesdon are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Worplesdon so you should seriously consider shopping around for a Worplesdon conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will appraise you on the various issues.

I am looking at a two apartments in Worplesdon which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

Can you provide any advice for leasehold conveyancing in Worplesdon with the purpose of expediting the sale process?

• Much of the delay in leasehold conveyancing in Worplesdon can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
• A minority of Worplesdon leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.

Are there common problems that you come across in leases for Worplesdon properties?

Leasehold conveyancing in Worplesdon is not unique. All leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• 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. Yorkshire Building Society, The Mortgage Works, and Britannia all have express conveyancing instructions 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, obliging the purchaser to withdraw.

Worplesdon Leasehold Conveyancing - Examples of Queries Prior to buying

Can you tell me if there are any major works in the near future that could add a premium to the service costs? This question is helpful as a) areas could cause problems in the block as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have an issue with the managing agents you will want to know about it Please note if it is less than eighty years it will impact the marketability of the property. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will be required to have owned the property for a couple of years in order to be entitled to extend the lease.

Other Topics

Lease Extensions in Worplesdon