I am on look out for some leasehold conveyancing in Bow. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is registered - and almost all are in Bow - then the leasehold title will always include the short particulars 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 am tempted by the attractive purchase price for a couple of apartments in Bow which have about fifty years unexpired on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold property in Bow. Do I have any liability for service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee 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. A critical element 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).

I work for a busy estate agency in Bow where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Bow conveyancing firms. Please can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. 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 agree the lease extension with the freeholder 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 purchaser.

Do you have any advice for leasehold conveyancing in Bow with the aim of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bow can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors.
• The majority landlords or managing agents in Bow levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Bow.
• If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Bow state that internal structural changes or addition of wooden flooring require a licence from the Landlord consenting to such alterations. Where you fail to have the paperwork to hand do not communicate with the landlord without checking with your solicitor in the first instance.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Organising a new share certificate can be a lengthy formality and frustrates many a Bow conveyancing deal. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

I am the leaseholder of a second floor flat in Bow. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?

Where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.

An example of a Freehold Enfranchisement decision for a Bow residence is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.

I am the registered owner of a garden flat in Bow, conveyancing was carried out 2003. How much will my lease extension cost? Equivalent properties in Bow with over 90 years remaining are worth £191,000. The ground rent is £60 per annum. The lease runs out on 21st October 2080

You have 54 years unexpired we estimate the premium for your lease extension to range between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.