I have just started marketing my basement apartment in New Southgate.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 until 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've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in New Southgate. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

The majority of houses in New Southgate are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in New Southgate in which case you should be shopping around for a New Southgate conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.

My wife and I purchased a leasehold house in New Southgate. Conveyancing and Santander mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in New Southgate who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a New Southgate conveyancing firm to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in New Southgate both have approximately fifty years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in New Southgate is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and lenders, 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 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 Southgate 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.

Do you have any top tips for leasehold conveyancing in New Southgate with the aim of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in New Southgate can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers conveyancers.
• The majority freeholders or managing agents in New Southgate levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in New Southgate.
• A minority of New Southgate leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
• If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate is often a lengthy formality and delays many a New Southgate conveyancing deal. Where a new share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

I own a garden flat in New Southgate. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

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

An example of a Freehold Enfranchisement matter before the tribunal for a New Southgate flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 70.31 years.

New Southgate Leasehold Conveyancing - Examples of Queries before buying

It is important to be aware whether window replacement or some other major work is due in the near future to be shared by the leasehold owners and will materially increase the the maintenance charges or require a specific payment. The best form of lease structure is a share of the freehold. In this scenario the leaseholders enjoy control and although a managing agent is usually retained if the building is larger than a house conversion, the managing agent is directed by the tenants.