Due to complete next month on a garden flat in Stroud Green. Conveyancing solicitors inform me that they report fully next week. 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 prohibit wood flooring?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• 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
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What you can do if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I have just appointed agents to market my 2 bed flat in Stroud Green.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a two maisonettes in Stroud Green which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

I am a negotiator for a busy estate agency in Stroud Green where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Stroud Green conveyancing firms. Can you confirm whether the seller of a flat can commence the lease extension process 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 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.

Can you provide any top tips for leasehold conveyancing in Stroud Green with the aim of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Stroud Green can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
• Many landlords or Management Companies in Stroud Green charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Stroud Green.
• If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you laid down wooden flooring? Stroud Green leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the consents to hand do not contact the landlord without checking with your conveyancer first.
• A minority of Stroud Green leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• You believe that you know the number of years left on your lease but you should verify this via your lawyers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify 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 am the leaseholder of a a ground floor purpose built flat in Stroud Green. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?

Absolutely. We are happy to 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 property 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 the number of years remaining on the existing lease(s) was 71 years.

I am the registered owner of a garden flat in Stroud Green, conveyancing having been completed 2001. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Stroud Green with an extended lease are worth £171,000. The ground rent is £50 yearly. The lease finishes on 21st October 2096

With only 70 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.