Expecting to sign contracts shortly on a garden flat in Stroud Green. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Stroud Green should include some of the following:

• Does the lease require carpeting throughout thus preventing wood flooring?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Whether your lease has a provision for a sinking fund?
• You should have a good understanding of the insurance provisions
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• Responsibility for repairing the window frames
• What options are open to you if a neighbour is in violation of a provision in their lease?

I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Stroud Green. Conveyancing advisers have not yet been appointed. Will they explain the issues?

The majority of houses in Stroud Green 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 buying in Stroud Green in which case you should be shopping around for a Stroud Green conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority 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 such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a two maisonettes in Stroud Green both have about 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 apartment in Stroud Green is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of 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 Stroud Green 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.

Last month I purchased a leasehold flat in Stroud Green. Am I liable to pay service charges for periods before completion of my purchase?

In a situation 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. 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).

Can you provide any advice for leasehold conveyancing in Stroud Green with the aim of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Stroud Green can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Stroud Green leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Where you dont have the approvals to hand do not communicate with the landlord without contacting your conveyancer first.
• Some Stroud Green leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
• If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
• You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Stroud Green conveyancing firm to assist?

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

An example of a Freehold Enfranchisement matter before the tribunal for a Stroud Green flat is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case was in relation to 1 flat. The remaining number of years on the lease was 71 years.

Leasehold Conveyancing in Stroud Green - Examples of Queries Prior to Purchasing

Is the freehold owned collectively by the tenants?