There are only 72 years unexpired on my flat in Finchley. I now wish to get lease extension but my landlord is missing. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to find the lessor. For most situations a specialist should be useful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Finchley.

Planning to complete next month on a basement flat in Finchley. Conveyancing solicitors have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• 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
• You should have a good understanding of the insurance provisions
• 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.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Finchley. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Finchley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Finchley in which case you should be looking for a Finchley conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a two apartments in Finchley both have about forty five years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Finchley 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 salability of the property. For most buyers and mortgage companies, 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 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 Finchley 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.

All being well we will complete the sale of our £ 125000 garden flat in Finchley next week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Finchley?

Finchley conveyancing on leasehold flats often involves the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They are entitled invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to sell the property.

I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Finchley conveyancing firm to help?

in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the price payable.

An example of a Lease Extension decision for a Finchley residence is Ground Floor 110 Station Road in June 2013. The Tribunal found that the premium payable for a lease extension should be £31,665. This case related to 1 flat. The remaining number of years on the lease was 56.65 years.

I invested in buying a 2 bed flat in Finchley, conveyancing was carried out 9 years ago. How much will my lease extension cost? Corresponding flats in Finchley with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2104

With just 78 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.