Expecting to complete next month on a studio apartment in New Southgate. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
• Does the lease prevent you from renting out the property, or working from home
• You must be told what counts as a Nuisance in the lease
• 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
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• 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.

I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in New Southgate. Conveyancing advisers have are about to be appointed. Will they explain the issues?

The majority of houses in New Southgate are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in New Southgate so you should seriously consider looking for a New Southgate conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I am attracted to a couple of flats in New Southgate which have approximately fifty years unexpired on the lease term. should I be concerned?

There is no doubt 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 reduces the salability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. 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 property 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 property 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 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 a negotiator for a reputable estate agency in New Southgate where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local New Southgate conveyancing solicitors. Can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.

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

• Much of the frustration in leasehold conveyancing in New Southgate can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? New Southgate leases often stipulate that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such changes. Should you dont have the paperwork in place do not communicate with the landlord without checking with your lawyer before hand.
• If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
• If you hold a share in a the freehold, you should ensure that you have the original share document. Arranging a new share certificate can be a lengthy process and frustrates many a New Southgate conveyancing deal. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
• You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in New Southgate. Can we issue an application to the Residential Property Tribunal Service?

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

An example of a Freehold Enfranchisement decision for a New Southgate premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired lease term was 70.31 years.

New Southgate Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing

It would be sensible to enquire if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in certain buildings in New Southgate. If you love the flatin New Southgate yet your dog can’t make the move with you then you will be faced difficult choice.