There are only 72 years unexpired on my lease in Woolwich. I am keen to extend my lease but my landlord is missing. What are my options?

If 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 extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to find the landlord. For most situations an enquiry agent may be helpful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Woolwich.

I've found a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Woolwich. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most houses in Woolwich are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Woolwich in which case you should be shopping around for a Woolwich conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of maisonettes in Woolwich both have about 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Woolwich is a deteriorating 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 premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive 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 a residence 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 Woolwich 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.

What advice can you give us when it comes to finding a Woolwich conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Woolwich conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Woolwich conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• If the firm is not ALEP accredited then what is the reason?
• Can they put you in touch with client in Woolwich who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Woolwich from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Woolwich can be bypassed where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
• Many freeholders or Management Companies in Woolwich levy fees for providing management packs for a leasehold property. 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 accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Woolwich.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Woolwich leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. If you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor before hand.
• If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
• You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you consider 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.

I have given up seeking a lease extension in Woolwich. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the premium.

An example of a Lease Extension matter before the tribunal for a Woolwich premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The the unexpired term as at the valuation date was 69.77 years.

I am the registered owner of a ground floor flat in Woolwich, conveyancing having been completed in 2004. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Woolwich with a long lease are worth £197,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2103

With just 77 years remaining on your lease we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. 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. Please do not take any other action based on this information before getting professional advice.