I have just appointed agents to market my basement flat in Addiscombe.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you clear 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 managing agents 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 today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Addiscombe. Conveyancing advisers have not yet been instructed. Will they explain the issues?

The majority of houses in Addiscombe are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Addiscombe so you should seriously consider looking for a Addiscombe conveyancing solicitor and be sure 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 lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.

My wife and I purchased a leasehold flat in Addiscombe. Conveyancing and Barclays mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Addiscombe who previously acted has long since retired.What should I do?

First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Addiscombe conveyancing practitioner 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 the limitation period for recovery of ground rent is six years.

I am attracted to a two apartments in Addiscombe which have about forty five years left on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Addiscombe is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with less than 75 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 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 Addiscombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Addiscombe conveyancing firm to help?

if there is a missing freeholder or where there is disagreement 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 LVT to determine the amount due.

An example of a Freehold Enfranchisement decision for a Addiscombe flat is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case related to 4 flats. The unexpired term was 98 years.

Are there common defects that you see in leases for Addiscombe properties?

There is nothing unique about leasehold conveyancing in Addiscombe. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

Leasehold Conveyancing in Addiscombe - A selection of Queries Prior to Purchasing

How many of the leaseholders are in arrears for their maintenance charge payments?