Looking forward to exchange soon on a studio apartment in Kingsland. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Responsibility for repairing the window frames
• What you can do if a neighbour is in violation of a provision in their lease?

My wife and I purchased a leasehold house in Kingsland. Conveyancing and Alliance & Leicester mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Kingsland who previously acted has now retired.Do I pay?

First contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Kingsland conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two flats in Kingsland both have about forty five years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold flat in Kingsland is a deteriorating 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 attractive. On a more upbeat 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 property 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 Kingsland 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 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.

What advice can you give us when it comes to choosing a Kingsland conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Kingsland conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Kingsland conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• What volume of lease extensions has the firm conducted in Kingsland in the last 12 months?
• What are the costs for lease extension conveyancing?

I own a a ground floor purpose built flat in Kingsland. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

Most definitely. We are happy to put you in touch with a Kingsland conveyancing firm who can help.

An example of a Lease Extension case for a Kingsland residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The remaining number of years on the lease was 80.5 years.

What makes a Kingsland lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Kingsland. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• 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

You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Bank of Scotland, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

I purchased a leasehold flat in Kingsland, conveyancing having been completed in 2001. How much will my lease extension cost? Equivalent properties in Kingsland with an extended lease are worth £252,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2089

You have 63 years remaining on your lease we estimate the premium for your lease extension to span between £19,000 and £22,000 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.