I am on look out for some leasehold conveyancing in Eastcote. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Eastcote - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am looking at a two apartments in Eastcote which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Eastcote is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. 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 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 a residence 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 Eastcote conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold property in Eastcote. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 are your top tips when it comes to choosing a Eastcote conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Eastcote conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Eastcote conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• Can they put you in touch with client in Eastcote who can give a testimonial?
• What are the costs for lease extension work?

Do you have any top tips for leasehold conveyancing in Eastcote from the perspective of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Eastcote can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
• The majority freeholders or Management Companies in Eastcote levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for 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 frequent reason for frustration in leasehold conveyancing in Eastcote.
• Some Eastcote leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
• If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or settle 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 buyers, but it is better to present the dispute as historic as opposed to unresolved.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

We have reached the end of our tether in trying to purchase the freehold in Eastcote. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the sum to be paid.

An example of a Lease Extension decision for a Eastcote premises is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 53.26 years.

Eastcote Leasehold Conveyancing - A selection of Queries before buying

Are any of leasehold owners in arrears of their service charge liability? If a Eastcote lease has no more than 80 years it will have adverse implications on the value of the flat. Check with your lender that they are content with residual term of the lease. A short lease means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. For most Eastcotelease extensions you would need to own the property for 24 months in order to be eligible to extend the lease.