I am on look out for some leasehold conveyancing in Willesden. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Willesden - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I've found 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 it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Willesden. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Willesden are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Willesden so you should seriously consider shopping around for a Willesden conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of apartments in Willesden both have about forty five years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Willesden is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat 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 Willesden 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 work for a long established estate agent office in Willesden where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Willesden conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

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. This means that the proposed purchaser can avoid having to wait 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 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 buyer.

I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Willesden conveyancing firm to assist?

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

An example of a lease Extension matter before the tribunal for a Willesden premises is First Floor Flat 47 Huddlestone Road in December 2010. the Tribunal a valuation of £13,000 for a lease extension having been asked to consider the premium following a vesting order being granted by Willesden County Court On 14th September 2009 This case related to 1 flat. The unexpired lease term was 71.87 years.

When it comes to leasehold conveyancing in Willesden what are the most frequent lease defects?

Leasehold conveyancing in Willesden is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• 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 could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

I own a studio flat in Willesden, conveyancing formalities finalised in 2003. How much will my lease extension cost? Equivalent flats in Willesden with a long lease are worth £234,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2097

With just 71 years unexpired we estimate the premium for your lease extension to span between £12,400 and £14,200 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.