Frank (my husband) and I may need to let out our Moorgate garden flat for a while due to a new job. We used a Moorgate conveyancing practice in 2003 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease governs relations between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Moorgate do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Planning to sign contracts shortly on a garden flat in Moorgate. Conveyancing solicitors assured me that they are sending me a report next week. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
• The total extent of the property. This will be the apartment itself but could also include a roof space or basement if appropriate.
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Whether your lease has a provision for a sinking fund?
• Changes to the flat (alterations and additions)
• 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 looking at a couple of maisonettes in Moorgate both have about fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Moorgate is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and banks, leases with under eighty 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 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 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 Moorgate 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I am employed by a busy estate agent office in Moorgate where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Moorgate conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What are your top tips when it comes to choosing a Moorgate conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Moorgate conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Moorgate conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How familiar is the practice with lease extension legislation?
• What are the legal fees for lease extension conveyancing?

My wife and I have hit a brick wall in trying to purchase the freehold in Moorgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Most definitely. We are happy to put you in touch with a Moorgate conveyancing firm who can help.

An example of a Lease Extension decision for a Moorgate residence is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired lease term was 72.39 years.

Moorgate Leasehold Conveyancing - A selection of Queries before buying

Who are the managing agents? It would be prudent to discover if the the lease includes any adverse restrictions in the lease. By way of example plenty of leases prohibit pets being allowed in in a block in Moorgate. If you love the flatin Moorgate but your dog can’t make the move with you then you will be faced hard compromise. What is the annual maintenance fee and ground rent?