Having checked my lease I have discovered that there are only Sixty One years left on my lease in Padstow. I need to get lease extension but my landlord is absent. What options are available to me?

On the basis that 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 used your best endeavours to find the freeholder. In some cases a specialist would be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court overseeing Padstow.

I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Padstow. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Padstow ?

The majority of houses in Padstow are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Padstow in which case you should be looking for a Padstow conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out 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 should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two maisonettes in Padstow both have approximately 50 years remaining on the lease term. should I be concerned?

There are plenty of short leases in Padstow. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to appointing a Padstow conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Padstow conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Padstow 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:

• How experienced is the practice with lease extension legislation?

What makes a Padstow lease unacceptable for security purposes?

Leasehold conveyancing in Padstow is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• 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. Santander, Norwich and Peterborough Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

Padstow Leasehold Conveyancing - Examples of Questions you should consider before Purchasing

Can you inform me if there are any major works in the near future that will increase the maintenance charges? How much is the annual service fee and ground rent? Plenty Padstow leasehold apartments will have a service bill for the upkeep of the block set by the freeholder. Where you buy the property you will have to meet this charge, usually periodically during the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a rentcharge to be met yearly, this is usually not a significant amount, say about £50-£100 but you need to check it because on occasion it could be many hundreds of pounds.

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Lease Extensions in Padstow