There are only Sixty One years remaining on my flat in Launceston. I am keen to get lease extension but my landlord is can not be found. 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. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. For most situations an enquiry agent should be useful to carry out a search and to produce an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Launceston.

Back In 2006, I bought a leasehold flat in Launceston. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Launceston who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Launceston conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Launceston which have about 50 years unexpired on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

I work for a reputable estate agent office in Launceston where we have experienced a few leasehold sales derailed due to short leases. I have received contradictory information from local Launceston conveyancing solicitors. Can you shed some light as to whether the owner of a flat can start 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. 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.

An alternative approach is 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.

In relation to leasehold conveyancing in Launceston what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Launceston. All leases are unique and drafting errors can sometimes mean that certain sections are not included. 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
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Leeds Building Society, and Platform Home Loans Ltd all have very detailed requirements 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 grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in Launceston - Sample of Questions you should ask Prior to Purchasing

This question is important as a) areas can result in problems in the building as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to have all the details Plenty Launceston leasehold flats will have a service charge for maintenance of the block levied on behalf of the management company. If you buy the property you will have to meet this charge, normally quarterly throughout the year. This can differ from several hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent for you to pay yearly, this is usually not a large figure, say about £50-£100 but you need to enquire it because occasionally it can be surprisingly expensive. Its a good idea to discover as much as you can about the company managing the block as they can either make your life much easier or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the common parts. Don't be afraid to ask prospective neighbours what they think of their service. On a final note, be sure you know the dates that the maintenance charges are due to the relevant party and precisely how they are spending that money.

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Lease Extensions in Launceston