I've found a house that appears to tick a lot of boxes, at a great price 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 particular concerns purchasing a leasehold house in Bedford Park. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Bedford Park ?

The majority of houses in Bedford Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Bedford Park so you should seriously consider looking for a Bedford Park conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer should report to you on the legal implications.

Back In 2005, I bought a leasehold flat in Bedford Park. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Bedford Park who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Bedford Park 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of maisonettes in Bedford Park which have about fifty 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 Bedford Park is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and banks, leases with less than 75 years become less and less marketable. 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 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 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 Bedford Park 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 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 are your top tips when it comes to appointing a Bedford Park conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Bedford Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Bedford Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?

I own a garden flat in Bedford Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?

if there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to make a decision on the price.

An example of a Freehold Enfranchisement case for a Bedford Park residence is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case affected 2 flats. The unexpired term was 64.64 years.

In relation to leasehold conveyancing in Bedford Park what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Bedford Park. Most leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.