Due to exchange soon on a basement flat in Chingford. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• Does the lease prohibit wood flooring?
• Will you be prohibited or prevented from having pets in the property?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• You should have a good understanding of the insurance provisions
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What you can do if a neighbour breach a clause of their lease?

I’m about to sell my 2 bed apartment in Chingford.Conveyancing has not commenced but I have just had a quarterly service charge invoice – what should I do?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Chingford. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Chingford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Chingford in which case you should be looking for a Chingford conveyancing practitioner and be sure that they are used to transacting 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 entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.

I am attracted to a two maisonettes in Chingford which have in the region of forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Chingford is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with less than 75 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 premises 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 Chingford 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 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 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've recently bought a leasehold flat in Chingford. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation 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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).

After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Chingford. Can we issue an application to the Residential Property Tribunal Service?

in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the premium.

An example of a Freehold Enfranchisement matter before the tribunal for a Chingford flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The remaining number of years on the lease was 69.26 years.

Leasehold Conveyancing in Chingford - A selection of Queries before buying

Is the freehold reversion owned jointly by the leaseholders? Best to be warned if fixing the lift or some other significant cost is coming up to be shared amongst the tenants and will dramatically increase the the service costs or require a one time payment. Does the lease have onerous restrictions?