I wish to let out my leasehold flat in North Finchley. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your previous North Finchley conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or other appropriate person before subletting. This means that you cannot sublet without first obtaining permission. Such consent must not not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.

I have recently realised that I have Sixty One years remaining on my flat in North Finchley. I need to get lease extension but my landlord is can not be found. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to prove that you have made all reasonable attempts to track down the freeholder. On the whole a specialist should be useful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing North Finchley.

I’m about to sell my 2 bed flat in North Finchley.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?

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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

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 since discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in North Finchley. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in North Finchley are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in North Finchley so you should seriously consider looking for a North Finchley conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am attracted to a couple of maisonettes in North Finchley which have about 50 years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in North Finchley is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under eighty years become less and less attractive. 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 North Finchley 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 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.

I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a North Finchley conveyancing firm to act on my behalf?

Absolutely. We can put you in touch with a North Finchley conveyancing firm who can help.

An example of a Lease Extension decision for a North Finchley premises 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 affected 1 flat. The unexpired term was 76 years.

I purchased a 2 bed flat in North Finchley, conveyancing having been completed in 2010. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in North Finchley with a long lease are worth £194,000. The ground rent is £55 yearly. The lease terminates on 21st October 2076

With just 50 years unexpired we estimate the price of your lease extension to be between £33,300 and £38,400 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.