Planning to sign contracts shortly on a leasehold property in Collier Row. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

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

• The physical extent of the premises. This will be the apartment itself but might include a loft or basement if applicable.
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• 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
• What options are open to you if a neighbour is in violation of a provision in their lease?

I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Collier Row. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Collier Row ?

The majority of houses in Collier Row are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help 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 check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.

I am tempted by the attractive purchase price for a two apartments in Collier Row which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Collier Row. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena

I work for a long established estate agency in Collier Row where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Collier Row conveyancing firms. Could you confirm whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 has to be done before, or at the same time as completion of the disposal of the property.

An alternative approach is 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 buyer.

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

When appointing a conveyancer for lease extension works (regardless if they are a Collier Row conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Collier Row conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• How familiar is the firm with lease extension legislation?
• What volume of lease extensions have they conducted in Collier Row in the last twenty four months?

I am the registered owner of a ground-floor 1950’s flat in Collier Row. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

Most certainly. We are happy to put you in touch with a Collier Row conveyancing firm who can help.

An example of a Lease Extension decision 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 was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.

I bought a 1 bedroom flat in Collier Row, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Collier Row with a long lease are worth £178,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2101

With 75 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.