Due to sign contracts shortly on a leasehold property in Woodford Green. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
• Defining your legal entitlements in relation to common areas in the block.For instance, does the lease include a right of way over an accessway or hallways?
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• 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
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure 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 purchasing a leasehold house in Woodford Green. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Woodford Green are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Woodford Green in which case you should be shopping around for a Woodford Green conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.

My wife and I purchased a leasehold house in Woodford Green. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Woodford Green who previously acted has long since retired.Any advice?

First make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Woodford Green conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Woodford Green both have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Woodford Green 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 value of the premises. For most buyers and banks, leases with less than eighty years become less and less attractive. On a more positive 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 Woodford 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 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.

Do you have any advice for leasehold conveyancing in Woodford Green with the intention of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Woodford Green can be reduced where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Woodford Green leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your solicitor in the first instance.
• Some Woodford Green leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 solicitors.
• If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Organising a re-issued share certificate is often a lengthy process and slows down many a Woodford Green home move. Where a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
• You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I inherited a basement flat in Woodford Green. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?

if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the premium.

An example of a Freehold Enfranchisement decision for a Woodford Green property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The remaining number of years on the lease was 69.26 years.

I purchased a leasehold flat in Woodford Green, conveyancing was carried out in 2011. Can you work out an approximate cost of a lease extension? Comparable flats in Woodford Green with an extended lease are worth £229,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2097

You have 71 years unexpired the likely cost is going to span between £12,400 and £14,200 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.