Looking forward to complete next month on a ground floor flat in Aldwych. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• The physical extent of the demise. This will be the property itself but could also include a roof space or basement if applicable.
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• 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've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Aldwych. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Aldwych ?

Most houses in Aldwych are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Aldwych so you should seriously consider shopping around for a Aldwych conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

I am looking at a couple of flats in Aldwych which have about forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Aldwych. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold flat in Aldwych. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any advice for leasehold conveyancing in Aldwych with the intention of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Aldwych can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers representatives.
• Many freeholders or Management Companies in Aldwych charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Aldwych.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Aldwych state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the consents in place you should not contact the landlord without contacting your lawyer in the first instance.
• If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unsettled.
• If you hold a share in a the freehold, you should make sure that you have the original share certificate. Obtaining a replacement share certificate is often a lengthy process and slows down many a Aldwych home move. Where a duplicate share certificate is necessary, do contact the company officers or managing agents (where relevant) for this as soon as possible.

I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Aldwych conveyancing firm to help?

if there is a missing landlord or where 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 First-tier Tribunal (Property Chamber) to assess the price.

An example of a Freehold Enfranchisement decision for a Aldwych premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The remaining number of years on the lease was 73.26 years.

Leasehold Conveyancing in Aldwych - Examples of Queries before Purchasing

The best form of lease arrangement is a share of the freehold. In this situation the lessees enjoy control and although a managing agent is often employed if the building is bigger than a house conversion, the managing agent retained by the leaseholders. Who are the managing agents?