I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Collier Row. Conveyancing advisers have not yet been appointed. Will they explain the issues?

The majority of houses in Collier Row are freehold and not 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 Collier Row so you should seriously consider shopping around for a Collier Row conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am looking at a two apartments in Collier Row which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming 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 difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold house in Collier Row. Am I liable to pay service charges for periods before my ownership?

In a situation 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 ensure 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).

What advice can you give us when it comes to choosing a Collier Row conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Collier Row conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Collier Row conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• If the firm is not ALEP accredited then what is the reason?
• What are the charges for lease extension work?

All being well we will complete our sale of a £ 425000 apartment in Collier Row on Tuesday in a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Collier Row?

For the majority of leasehold sales in Collier Row conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing conveyancing due diligence enquiries
• Where consent is required before sale in Collier Row
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Collier Row leasehold premises is £350. For Collier Row conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

I am the registered owner of a two-bedroom flat in Collier Row. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?

Most definitely. We can put you in touch with a Collier Row conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Collier Row residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The the unexpired residue of the current lease was 57.5 years.

Leasehold Conveyancing in Collier Row - Examples of Questions you should ask before Purchasing

Be sure to find out if there are any onerous prohibitions in the lease. For instance it is very common in Collier Row leases that pets are not permitted in in a block in Collier Row. If you like the propertyin Collier Row but your dog is not allowed to live with you then you have a very hard determination. How many of the leaseholders are in arrears for their maintenance charge payments? Many Collier Row leasehold properties will incur a service bill for the upkeep of the building invoiced by the freeholder. If you acquire the flat you will have to pay this liability, usually quarterly during the year. This could vary from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge for you to pay annual, normally this is not a large figure, say about £50-£100 but you should to check as sometimes it could be surprisingly expensive.