I am hoping to complete next month on a basement flat in Winchmore Hill. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• The total extent of the premises. This will be the apartment itself but may include a roof space or cellar if applicable.
• Does the lease prevent you from letting out the property, or having a home office for business
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)

I am tempted by the attractive purchase price for a two flats in Winchmore Hill both have in the region of 50 years remaining on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Winchmore Hill is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, 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 property 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 Winchmore Hill 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 house in Winchmore Hill. Do I have any liability for service charges for periods before my ownership?

In a situation 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 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 offer any advice when it comes to finding a Winchmore Hill conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Winchmore Hill conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Winchmore Hill conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the practice with lease extension legislation?
• Can they put you in touch with client in Winchmore Hill who can give a testimonial?

We expect to complete our sale of a £ 475000 garden flat in Winchmore Hill in 10 days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Winchmore Hill?

Winchmore Hill conveyancing on leasehold apartments often involves the buyer’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions most will be content to assist. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration charges, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.

I have had difficulty in trying to purchase the freehold in Winchmore Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?

Absolutely. We can put you in touch with a Winchmore Hill conveyancing firm who can help.

An example of a Lease Extension decision for a Winchmore Hill residence 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 related to 1 flat. The remaining number of years on the lease was 81.79 years.

Winchmore Hill Conveyancing for Leasehold Flats - A selection of Queries Prior to buying

Does the lease have onerous restrictions? How much is the annual maintenance fee and ground rent? Generally speaking the cost for major works tend not to be incorporated into the maintenance charges, although a few managing agents in Winchmore Hill obliged leaseholders to pay into a reserve fund created for the specific intention of establishing a fund for major works.