I’m about to sell my garden apartment in Colliers Wood.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a two flats in Colliers Wood both have approximately fifty years left on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to appointing a Colliers Wood conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for lease extension works (regardless if they are a Colliers Wood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Colliers Wood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

• If they are not ALEP accredited then why not?
• What are the costs for lease extension work?

Do you have any top tips for leasehold conveyancing in Colliers Wood with the aim of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Colliers Wood can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
• The majority freeholders or managing agents in Colliers Wood charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Colliers Wood.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Colliers Wood state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such works. Should you fail to have the consents in place do not communicate with the landlord without contacting your solicitor first.
• If there is a history of any disputes with your landlord or managing agents it is essential 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 need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 present the dispute as historic as opposed to unresolved.
• If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a time consuming formality and slows down many a Colliers Wood conveyancing deal. If a duplicate share certificate is required, do contact the company officers or managing agents (if applicable) for this sooner rather than later.

I have given up seeking a lease extension in Colliers Wood. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to decide the price.

An example of a Lease Extension case for a Colliers Wood flat is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The remaining number of years on the lease was 62.94 years.

What makes a Colliers Wood lease defective?

There is nothing unique about leasehold conveyancing in Colliers Wood. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

I inherited a garden flat in Colliers Wood, conveyancing having been completed in 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Colliers Wood with over 90 years remaining are worth £180,000. The ground rent is £45 yearly. The lease terminates on 21st October 2101

With only 75 years left to run the likely cost is going to span between £10,500 and £12,000 plus 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 advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.