I am hoping to exchange soon on a ground floor flat in Turnpike Lane. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Turnpike Lane should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• Whether your lease has a provision for a reserve fund?
• Repair and maintenance of the flat
• 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?

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Turnpike Lane. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Turnpike Lane are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Turnpike Lane so you should seriously consider looking for a Turnpike Lane conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Turnpike Lane both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold property in Turnpike Lane. 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 be sure 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 am a negotiator for a reputable estate agency in Turnpike Lane where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Turnpike Lane conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?

As long as 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 need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

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.

After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Turnpike Lane. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.

An example of a Lease Extension decision for a Turnpike Lane property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 81.79 years.

I bought a basement flat in Turnpike Lane, conveyancing having been completed in 1997. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Turnpike Lane with over 90 years remaining are worth £253,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2083

With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.