I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, 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 would have thought that there are particular concerns purchasing a house with a leasehold title in Belsize Park. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Belsize Park ?

Most houses in Belsize Park are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Belsize Park so you should seriously consider looking for a Belsize Park conveyancing solicitor and check that they have experience in advising 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 at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.

Back In 2003, I bought a leasehold house in Belsize Park. Conveyancing and Alliance & Leicester mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Belsize Park who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Belsize Park conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two maisonettes in Belsize Park which have approximately 50 years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Belsize Park is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and banks, leases with less than eighty 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 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 Belsize 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 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.

Can you offer any advice when it comes to appointing a Belsize Park conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Belsize Park conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Belsize Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• Can they put you in touch with client in Belsize Park who can give a testimonial?

I have given up seeking a lease extension in Belsize Park. Can this matter be resolved via the Leasehold Valuation Tribunal?

Absolutely. We can put you in touch with a Belsize Park conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Belsize Park property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The remaining number of years on the lease was 16.83 and 16.43.

When it comes to leasehold conveyancing in Belsize Park what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Belsize Park. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Norwich and Peterborough Building Society, and Aldermore all have express requirements 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 provide security, forcing the purchaser to pull out.

Other Topics

Lease Extensions in Belsize Park