I have recently realised that I have Fifty years left on my flat in Marks Gate. I am keen to extend my lease but my landlord is can not be found. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist may be helpful to carry out a search and prepare an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Marks Gate.

I am looking at a couple of apartments in Marks Gate both have approximately forty five years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Marks Gate 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 purchasers and lenders, leases with under 75 years become less and less marketable. 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 property 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 Marks Gate 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

I work for a busy estate agent office in Marks Gate where we see a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Marks Gate conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 are your top tips when it comes to choosing a Marks Gate conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Marks Gate conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Marks Gate 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 helpful:

• How familiar is the practice with lease extension legislation?

I have tried to negotiate informally with with my landlord for a lease extension without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Marks Gate conveyancing firm to assist?

You certainly can. We can put you in touch with a Marks Gate conveyancing firm who can help.

An example of a Lease Extension case for a Marks Gate premises is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The remaining number of years on the lease was 61.36 years.

What makes a Marks Gate lease unacceptable for security purposes?

Leasehold conveyancing in Marks Gate is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• 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 can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions 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 grant the mortgage, forcing the buyer to withdraw.

Other Topics

Lease Extensions in Marks Gate