Having checked my lease I have discovered that there are only 72 years left on my lease in Montpelier. I now want to get lease extension but my freeholder is missing. What are my options?

If you qualify, 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 extended by the Court. You will be obliged to prove that you have done all that could be expected to track down the lessor. On the whole an enquiry agent would be helpful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Montpelier.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Montpelier. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

Most houses in Montpelier are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Montpelier in which case you should be looking for a Montpelier conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am attracted to a two maisonettes in Montpelier both have approximately fifty years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Montpelier. The lease is a right to use the property for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often 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 difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

I am a negotiator for a busy estate agent office in Montpelier where we see a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Montpelier conveyancing solicitors. Could you confirm whether the owner of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

Do you have any advice for leasehold conveyancing in Montpelier from the point of view of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Montpelier can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Montpelier leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance.
• A minority of Montpelier leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 solicitors.
• If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
• You may think that you are aware of the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is below 80 years. It is therefore essential at an early stage that you identify 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 bought a 1 bedroom flat in Montpelier, conveyancing having been completed in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Montpelier with over 90 years remaining are worth £268,000. The ground rent is £50 yearly. The lease ceases on 21st October 2105

With only 79 years left to run the likely cost is going to range between £10,500 and £12,000 as well as costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.