My wife and I may need to let out our New Southgate basement flat for a while due to taking a sabbatical. We used a New Southgate conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

The lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in New Southgate do not contain subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I work for a reputable estate agent office in New Southgate where we see a number of leasehold sales put at risk due to short leases. I have received inconsistent advice from local New Southgate conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate 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 start 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is 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 buyer.

What are your top tips when it comes to finding a New Southgate conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a New Southgate conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non New Southgate conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in New Southgate who can give a testimonial?

Can you provide any advice for leasehold conveyancing in New Southgate from the perspective of expediting the sale process?

• Much of the delay in leasehold conveyancing in New Southgate can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the purchasers’ lawyers.
• The majority landlords or Management Companies in New Southgate levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in New Southgate.
• Some New Southgate leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 purchasers or their lawyers.
• If you hold a share in a the freehold, you should make sure that you hold the original share document. Obtaining a re-issued share certificate can be a time consuming formality and delays many a New Southgate conveyancing transaction. Where a reissued share is necessary, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but you should double-check via your solicitors. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

Completion in due on the disposal of our £ 125000 maisonette in New Southgate in six days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in New Southgate?

New Southgate conveyancing on leasehold maisonettes more often than not requires the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is in excess of £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have no choice but to pay whatever is demanded if you want to exchange contracts with the buyer.

My wife and I have hit a brick wall in seeking a lease extension in New Southgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?

in cases where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the amount due.

An example of a Freehold Enfranchisement matter before the tribunal for a New Southgate residence 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 term was 70.31 years.

I acquired a studio flat in New Southgate, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in New Southgate with a long lease are worth £204,000. The ground rent is £55 yearly. The lease terminates on 21st October 2096

With only 70 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.