I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in North Sheen. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in North Sheen are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in North Sheen in which case you should be looking for a North Sheen conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.

I am looking at a two maisonettes in North Sheen which have about fifty years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in North Sheen 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. The majority of purchasers and mortgage companies, 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 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 North Sheen 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.

I've recently bought a leasehold house in North Sheen. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I work for a busy estate agent office in North Sheen where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local North Sheen conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is 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.

What are your top tips when it comes to choosing a North Sheen conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a North Sheen conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non North Sheen conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• What volume of lease extensions has the firm completed in North Sheen in the last twenty four months?

I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a North Sheen conveyancing firm to help?

in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price.

An example of a Lease Extension decision for a North Sheen flat is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case affected 1 flat. The the unexpired term as at the valuation date was 68.34 years.