I have recently realised that I have Sixty One years unexpired on my lease in Wisbech. I now wish to extend my lease but my freeholder 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you have done all that could be expected to find the freeholder. For most situations an enquiry agent may be useful to try and locate and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Wisbech.

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Wisbech. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wisbech ?

Most houses in Wisbech are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Wisbech so you should seriously consider shopping around for a Wisbech conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.

I own a leasehold flat in Wisbech. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Wisbech who previously acted has now retired.Any advice?

First contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Wisbech conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of apartments in Wisbech both have about 50 years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Wisbech is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty 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 premises 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 Wisbech 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 appointing a Wisbech conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Wisbech conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Wisbech conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the firm with lease extension legislation?
• What are the charges for lease extension work?

Wisbech Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

Are there any major works anticipated that will likely increase the maintenance fees? Its a good idea to discover as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to day to day matters such as the cleanliness of the common parts. Enquire of prospective neighbours what they think of them. On a final note, investigate as to the dates that the service fees are due to the appropriate party and specifically what it includes. In the main the outlay for major works are not included within maintenance charges, although some managing agents in Wisbech require leaseholders to contribute towards a reserve fund created for the specific intention of establishing a fund for larger repairs or maintenance.