I am on look out for some leasehold conveyancing in Canonbury. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Canonbury - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am attracted to a two apartments in Canonbury which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Canonbury. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

I work for a long established estate agency in Canonbury where we see a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Canonbury conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

What are your top tips when it comes to finding a Canonbury conveyancing practice to deal with our lease extension?

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

• What volume of lease extensions have they completed in Canonbury in the last twenty four months?
• Can they put you in touch with client in Canonbury who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Canonbury from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Canonbury can be avoided if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
• Some Canonbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
• If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Obtaining a new share certificate can be a lengthy formality and slows down many a Canonbury conveyancing transaction. If a reissued share is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but you should verify this via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Canonbury conveyancing firm to assist?

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

An example of a Lease Extension decision for a Canonbury residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 80.5 years.

I bought a 1st floor flat in Canonbury, conveyancing having been completed in 1998. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Canonbury with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2101

With just 75 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.