I only have Fifty years remaining on my flat in Woodside Park. I now want to get lease extension but my landlord is absent. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the landlord. For most situations a specialist should be useful to conduct investigations and to produce a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Woodside Park.

I have just appointed agents to market my basement flat in Woodside Park.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Woodside Park. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Woodside Park ?

Most houses in Woodside Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Woodside Park in which case you should be looking for a Woodside Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a couple of apartments in Woodside Park both have in the region of forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Woodside Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than 75 years become less and less marketable. 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 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 Woodside Park 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 are your top tips when it comes to finding a Woodside Park conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Woodside Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Woodside Park conveyancing practices prior to 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 firm with lease extension legislation?
• How many lease extensions has the firm conducted in Woodside Park in the last 12 months?

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Woodside Park conveyancing firm to assist?

Most definitely. We can put you in touch with a Woodside Park conveyancing firm who can help.

An example of a Lease Extension case for a Woodside Park residence is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The the unexpired residue of the current lease was 76 years.

Leasehold Conveyancing in Woodside Park - Sample of Questions you should consider before Purchasing

Be sure to enquire if there is anything that is prohibited in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Woodside Park. If you like the apartmentin Woodside Park however your cat can’t make the move with you then you will be faced hard choice. How many years remain on the lease?