I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Shacklewell. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Shacklewell are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Shacklewell so you should seriously consider looking for a Shacklewell conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.

I am looking at a two flats in Shacklewell which have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Shacklewell 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 marketability of the property. The majority of purchasers and lenders, leases with less than 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 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 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 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 am a negotiator for a busy estate agent office in Shacklewell where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Shacklewell conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

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 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 simultaneously with completion of the disposal of the property.

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 purchaser.

Completion in due on the sale of our £375000 apartment in Shacklewell in just under a week. The freeholder has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Shacklewell?

Shacklewell conveyancing on leasehold maisonettes usually involves the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be content to do so. They are entitled charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to complete the sale of your home.

Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Shacklewell. Can we issue an application to the Residential Property Tribunal Service?

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

An example of a Lease Extension matter before the tribunal for a Shacklewell property 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 the number of years remaining on the existing lease(s) was 80.5 years.

What makes a Shacklewell lease problematic?

Leasehold conveyancing in Shacklewell is not unique. All leases are unique and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Barnsley Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.