I have just started marketing my ground floor apartment in Friern Barnet.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is discharge 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 management companies 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. This will smooth the conveyancing process.

I am attracted to a couple of apartments in Friern Barnet both have in the region of fifty years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Friern Barnet. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this field

Last month I purchased a leasehold property in Friern Barnet. Do I have any liability for service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

I am employed by a busy estate agent office in Friern Barnet where we have witnessed a number of flat sales jeopardised due to short leases. I have received conflicting advice from local Friern Barnet conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 buyer.

Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Friern Barnet. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price payable.

An example of a Lease Extension case for a Friern Barnet premises is 34 Poplar Grove in June 2013. The Tribunal directed that the premium for the lease extension should be in the sum of £10,250. This case was in relation to 1 flat.

What makes a Friern Barnet lease unmortgageable?

There is nothing unique about leasehold conveyancing in Friern Barnet. Most leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.

I acquired a leasehold flat in Friern Barnet, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Friern Barnet with over 90 years remaining are worth £220,000. The ground rent is £55 yearly. The lease ceases on 21st October 2096

With only 70 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.