I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Bounds Green. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Bounds Green are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bounds Green in which case you should be shopping around for a Bounds Green conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I am looking at a two flats in Bounds Green which have in the region of fifty years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Bounds Green is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. 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 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 Bounds Green 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.

I've recently bought a leasehold property in Bounds Green. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to finding a Bounds Green conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Bounds Green conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Bounds Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If they are not ALEP accredited then why not?

Do you have any top tips for leasehold conveyancing in Bounds Green with the intention of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Bounds Green can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Bounds Green leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Where you fail to have the consents in place do not contact the landlord without checking with your lawyer in the first instance.

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Bounds Green conveyancing firm to act on my behalf?

You certainly can. We can put you in touch with a Bounds Green conveyancing firm who can help.

An example of a Lease Extension decision for a Bounds Green premises is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The unexpired term was 81.79 years.