Expecting to sign contracts shortly on a garden flat in Bromley Common. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• The physical extent of the premises. This will be the apartment itself but might include a loft or cellar if appropriate.
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• 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 seems to be perfect, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Bromley Common. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Bromley Common ?

The majority of houses in Bromley Common are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bromley Common so you should seriously consider shopping around for a Bromley Common conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

My wife and I purchased a leasehold flat in Bromley Common. Conveyancing and Yorkshire Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Bromley Common who acted for me is not around.Any advice?

First contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Bromley Common conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a reputable estate agent office in Bromley Common where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Bromley Common conveyancing firms. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have 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 simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Bromley Common from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bromley Common can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
• Many freeholders or managing agents in Bromley Common levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought 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 frequent reason for delay in leasehold conveyancing in Bromley Common.
• A minority of Bromley Common leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a Bromley Common home move. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Bromley Common conveyancing firm to assist?

Absolutely. We can put you in touch with a Bromley Common conveyancing firm who can help.

An example of a Lease Extension case for a Bromley Common residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired lease term was 50.57 years.

I own a garden flat in Bromley Common, conveyancing was carried out 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Bromley Common with over 90 years remaining are worth £236,000. The ground rent is £55 yearly. The lease ceases on 21st October 2087

With 61 years unexpired the likely cost is going to span between £20,000 and £23,000 plus professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.