I am hoping to exchange soon on a studio apartment in Coombe. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Coombe 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 the 80 year mark
• The physical extent of the demise. This will be the apartment itself but might include a loft or basement if applicable.
• Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease include a right of way over a path or hallways?
• Whether the lease restricts you from subletting the property, or working from home
• You should be told what constitutes a Nuisance in the lease
• Repair and maintenance of the flat
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Coombe. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Coombe are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Coombe in which case you should be looking for a Coombe conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep 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 Coombe both have approximately 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Coombe is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Coombe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What advice can you give us when it comes to choosing a Coombe conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Coombe conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Coombe conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• What volume of lease extensions has the firm completed in Coombe in the last year?
• What are the costs for lease extension conveyancing?

I have had difficulty in seeking a lease extension in Coombe. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We can put you in touch with a Coombe conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Coombe premises is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case related to 4 flats. The remaining number of years on the lease was 98 years.

When it comes to leasehold conveyancing in Coombe what are the most common lease problems?

Leasehold conveyancing in Coombe is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• 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

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

Leasehold Conveyancing in Coombe - Examples of Questions you should ask Prior to buying

This question is useful as a) areas can cause problems in the block as the common areas may start to deteriorate if maintenance are not paid for b) if the leasehold owners have an issue with the running of the building you will want to have all the details What is the service charge and ground rent on the property?