Expecting to exchange soon on a basement flat in Bowes Park. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Bowes Park should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

Defining your rights in relation to common areas in the building.By way of example, does the lease include a right of way over an accessway or hallways?

Are pets allowed in the flat?

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?

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.

What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Bowes Park please enquire of your lawyer in advance of your conveyancing in Bowes Park

I am tempted by the attractive purchase price for a two maisonettes in Bowes Park which have in the region of forty five years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Bowes Park is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with less than eighty 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 premises 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 Bowes Park 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 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.

I work for a busy estate agency in Bowes Park where we see a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Bowes Park conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you offer any advice when it comes to finding a Bowes Park conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Bowes Park conveyancing firm) it is most important 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 Bowes Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?

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

All being well we will complete our sale of a £225000 flat in Bowes Park next week. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Bowes Park?

Bowes Park conveyancing on leasehold maisonettes typically necessitates administration charges levied by freeholders :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Bowes Park
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Bowes Park leasehold property is £350. For Bowes Park conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

I own a first flat in Bowes Park. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?

Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to judgment on the amount due.

An example of a Lease Extension matter before the tribunal for a Bowes Park property 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 remaining number of years on the lease was 81.79 years.

Other Topics

Lease Extensions in Bowes Park