I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Somerstown. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Somerstown are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Somerstown so you should seriously consider shopping around for a Somerstown conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Somerstown. Conveyancing and Santander mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Somerstown who acted for me is not around.What should I do?

The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Somerstown conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Somerstown which have approximately fifty years left on the lease term. should I be concerned?

There are plenty of short leases in Somerstown. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I am a negotiator for a busy estate agency in Somerstown where we see a few leasehold sales derailed due to short leases. I have been given conflicting advice from local Somerstown conveyancing firms. Can you confirm whether the seller 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

Can you offer any advice when it comes to choosing a Somerstown conveyancing firm to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Somerstown conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Somerstown conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

• How experienced is the practice with lease extension legislation?

My wife and I have hit a brick wall in trying to purchase the freehold in Somerstown. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Most definitely. We are happy to put you in touch with a Somerstown conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Somerstown flat is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case related to 1 flat. The unexpired term was 62.79 years.