I am in need of some leasehold conveyancing in New Barnet. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in New Barnet - 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 only have 72 years remaining on my flat in New Barnet. I now wish to extend my lease but my landlord is missing. What options are available to me?

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 mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the freeholder. For most situations an enquiry agent would be useful to carry out a search and to produce a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s absence and the application to the County Court covering New Barnet.

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in New Barnet. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in New Barnet are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in New Barnet in which case you should be shopping around for a New Barnet conveyancing solicitor and be sure that they have experience in advising 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 for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.

I am attracted to a two flats in New Barnet both have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in New Barnet is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under 75 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 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. 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 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.

Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in New Barnet. Can we issue an application to the Residential Property Tribunal Service?

You certainly can. We are happy to 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 the unexpired term as at the valuation date was 76 years.

When it comes to leasehold conveyancing in New Barnet what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in New Barnet. All leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Norwich and Peterborough Building Society, and Clydesdale all have express 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 purchaser to pull out.

I acquired a ground floor flat in New Barnet, conveyancing having been completed 1996. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in New Barnet with an extended lease are worth £227,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2085

With only 59 years remaining on your lease the likely cost is going to be between £25,700 and £29,600 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 a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.