I am on look out for some leasehold conveyancing in Lydney. Before diving in I require certainty as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all are in Lydney - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

There are only 62 years left on my lease in Lydney. I now wish to get lease extension but my landlord is absent. 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 mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the landlord. On the whole an enquiry agent would be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Lydney.

Looking forward to complete next month on a garden flat in Lydney. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Lydney should include some of the following:

• The total extent of the property. This will be the apartment itself but may incorporate a roof space or cellar if appropriate.

I am looking at a couple of apartments in Lydney which have approximately forty five years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Lydney is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. 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 Lydney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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 are your top tips when it comes to finding a Lydney conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Lydney conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Lydney conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• How familiar is the practice with lease extension legislation?

Lydney Leasehold Conveyancing - A selection of Questions you should consider before buying

Most Lydney leasehold flats will incur a service bill for the upkeep of the block levied on behalf of the management company. Should you purchase the flat you will have to pay this contribution, usually periodically accross the year. This could vary from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met yearly, this is usually not a significant amount, say around £50-£100 but you need to enquire as sometimes it could be many hundreds of pounds. The best form of lease structure is a share of the freehold. In this arrangement the lessees have control and notwithstanding that a managing agent is frequently employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. The answer will be helpful as a) areas can result in problems for the block as the communal areas may begin to deteriorate where services are not paid for b) if the tenants have an issue with the managing agents you will wish to have all the details

Other Topics

Lease Extensions in Lydney