I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Coulsdon. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Coulsdon ?

The majority of houses in Coulsdon are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Coulsdon in which case you should be looking for a Coulsdon conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

My wife and I purchased a leasehold flat in Coulsdon. Conveyancing and Bank of Scotland mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Coulsdon who previously acted has long since retired.Any advice?

First contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Coulsdon conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of maisonettes in Coulsdon both have in the region of 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Coulsdon is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Coulsdon 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.

Completion in due on the disposal of our £275000 maisonette in Coulsdon next week. The managing agents has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Coulsdon?

Coulsdon conveyancing on leasehold maisonettes ordinarily results in administration charges raised by landlords agents :

• Completing pre-contract enquiries
• Where consent is required before sale in Coulsdon
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Coulsdon leasehold premises is £350. For Coulsdon 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 provide the information.

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Coulsdon conveyancing firm to act on my behalf?

if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the premium.

An example of a Freehold Enfranchisement decision for a Coulsdon property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The the number of years remaining on the existing lease(s) was 75 years.

What are the frequently found problems that you see in leases for Coulsdon properties?

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

• Repairing obligations to or maintain elements 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 a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Chelsea Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Other Topics

Lease Extensions in Coulsdon