I wish to sublet my leasehold flat in Bowes Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A lease governs the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bowes Park do not prevent subletting altogether – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Expecting to complete next month on a studio apartment in Bowes Park. Conveyancing lawyers assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark

I own a leasehold house in Bowes Park. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Bowes Park who acted for me is not around.Do I pay?

First make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Bowes Park conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, 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 tempted by the attractive purchase price for a couple of apartments in Bowes Park both have in the region of forty five years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold apartment 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 adversely affects the marketability of the property. For most purchasers and lenders, leases with under eighty 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 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 Bowes 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 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.

Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Bowes Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the premium.

An example of a Lease Extension case for a Bowes Park residence 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 related to 1 flat. The unexpired lease term was 81.79 years.

What are the common problems that you witness in leases for Bowes Park properties?

Leasehold conveyancing in Bowes Park is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• 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

You may 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. Halifax, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Other Topics

Lease Extensions in Bowes Park