I am on look out for some leasehold conveyancing in Marshalls Park. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is registered - and most are in Marshalls Park - then the leasehold title will always include the basic details 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 have just appointed agents to market my basement apartment in Marshalls Park.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is clear the service charge 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. Having a clear account will assist your cause and will leave you no worse off financially.

My wife and I purchased a leasehold house in Marshalls Park. Conveyancing and Platform Home Loans Ltd mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Marshalls Park who acted for me is not around.What should I do?

The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Marshalls Park conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of flats in Marshalls Park both have about fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Marshalls Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under 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 property 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 premises 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 Marshalls 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 advice can you give us when it comes to appointing a Marshalls Park conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Marshalls Park conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Marshalls Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

• If they are not ALEP accredited then what is the reason?

Leasehold Conveyancing in Marshalls Park - A selection of Questions you should consider before Purchasing

The prefered form of lease structure is if the freehold title is in the ownership of the leaseholders. In this scenario the lessees have control and notwithstanding that a managing agent is usually retained where it is larger than a house conversion, the managing agent retained by the leaseholders. Who takes charge for maintaining and repairing the building? This information is useful as a) areas could cause problems in the building as the common areas may begin to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will want to have all the details

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Lease Extensions in Marshalls Park