I am on look out for some leasehold conveyancing in Shacklewell. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Shacklewell - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Looking forward to sign contracts shortly on a basement flat in Shacklewell. 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 Shacklewell should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Does the lease prohibit wood flooring?
• Whether the lease restricts you from letting out the property, or having a home office for business
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What the implications are if you breach a clause of your lease?

My wife and I purchased a leasehold flat in Shacklewell. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Shacklewell who acted for me is not around.Any advice?

First make enquiries of HMLR to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Shacklewell conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in Shacklewell both have in the region of forty five years left on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Shacklewell 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 marketability of the property. For most buyers and banks, leases with under eighty years become less and less marketable. 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 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 Shacklewell 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've recently bought a leasehold property in Shacklewell. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 have given up trying to purchase the freehold in Shacklewell. Can this matter be resolved via the Leasehold Valuation Tribunal?

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

An example of a Lease Extension case for a Shacklewell flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case affected 1 flat. The remaining number of years on the lease was 80.5 years.

Leasehold Conveyancing in Shacklewell - Sample of Queries Prior to Purchasing

You should be aware that where the lease has no more than 80 years it will impact the marketability of the flat. Check with your mortgage company that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you will need to own the premises for two years in order to be legally able to extend the lease. Best to be warned whether a new roof is being put on or some other major work is coming up to be shared amongst the leaseholders and may well materially impact the level of the service charges or require a specific invoice.