I am on look out for some leasehold conveyancing in New Barnet. Before I get started I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in New Barnet - then the leasehold title will always include the short particulars 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 have just appointed agents to market my ground floor flat in New Barnet.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – Do I pay up?

It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in New Barnet. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in New Barnet ?

Most houses in New Barnet are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in New Barnet so you should seriously consider shopping around for a New Barnet conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

I am attracted to a couple of maisonettes in New Barnet both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in New Barnet is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with less than eighty 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 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 New Barnet 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 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 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.

I am employed by a reputable estate agent office in New Barnet where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local New Barnet conveyancing firms. Could you clarify whether the seller of a flat can instigate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a New Barnet conveyancing firm to act on my behalf?

Absolutely. We can put you in touch with a New Barnet conveyancing firm who can help.

An example of a Lease Extension case for a New Barnet residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The remaining number of years on the lease was 76 years.

Other Topics

Lease Extensions in New Barnet