Having had my offer accepted I require leasehold conveyancing in Goffs Oak. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Goffs Oak - then the leasehold title will always include the short particulars 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.

Due to complete next month on a leasehold property in Goffs Oak. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Goffs Oak should include some of the following:

• You should be sent a copy of the lease

Estate agents have just been given the go-ahead to market my 2 bed flat in Goffs Oak.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge demand – what should I do?

The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Goffs Oak. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Goffs Oak ?

Most houses in Goffs Oak are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Goffs Oak so you should seriously consider looking for a Goffs Oak conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am attracted to a two flats in Goffs Oak both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Goffs Oak is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under 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 property 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 Goffs Oak 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 any new 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.

Goffs Oak Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

How many of the leaseholders are in arrears for their maintenance charge payments? On the whole the cost for major works are not built into the maintenance charges, albeit that a few managing agents in Goffs Oak ask tenants to pay into a reserve fund and this is used to offset against larger repairs or maintenance. Is the freehold owned collectively by the leaseholders?

Other Topics

Lease Extensions in Goffs Oak