I am on look out for some leasehold conveyancing in Wood Green. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Wood Green - 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.

Jane (my partner) and I may need to rent out our Wood Green 1st floor flat temporarily due to a career opportunity. We used a Wood Green conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?

Some leases for properties in Wood Green do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

Expecting to complete next month on a leasehold property in Wood Green. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?

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

• Do you need to have carpet in the flat or are you allowed wood flooring?
• Are pets allowed in the flat?
• 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
• What you can do if a neighbour is in violation of a provision in their lease?

I am tempted by the attractive purchase price for a two apartments in Wood Green both have approximately fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Wood Green is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 Wood Green 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 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.

What advice can you give us when it comes to choosing a Wood Green conveyancing practice to deal with our lease extension?

When appointing a conveyancer for lease extension works (regardless if they are a Wood Green conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Wood Green conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. 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 Wood Green who can give a testimonial?

Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Wood Green. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.

An example of a Lease Extension decision for a Wood Green 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 was in relation to 1 flat. The the unexpired residue of the current lease was 81.79 years.

Leasehold Conveyancing in Wood Green - A selection of Questions you should ask before buying

What is the length of the lease?