I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Emerson Park. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

Most houses in Emerson Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Emerson Park in which case you should be looking for a Emerson Park conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Emerson Park which have in the region of fifty years remaining on the leases. Will this present a problem?

There are plenty of short leases in Emerson Park. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

Can you offer any advice when it comes to finding a Emerson Park conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Emerson Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Emerson Park 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 of use:

• How experienced is the firm with lease extension legislation?
• What are the charges for lease extension work?

Do you have any top tips for leasehold conveyancing in Emerson Park with the aim of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Emerson Park can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ solicitors.
• A minority of Emerson Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 purchasers or their lawyers.
• If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
• If you hold a share in a the freehold, you should ensure that you have the original share certificate. Obtaining a new share certificate is often a lengthy process and delays many a Emerson Park home move. If a duplicate share is required, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
• You believe that you know the number of years left on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Emerson Park conveyancing firm to act on my behalf?

You certainly can. We are happy to put you in touch with a Emerson Park conveyancing firm who can help.

An example of a Lease Extension case for a Emerson Park flat 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 affected 1 flat. The unexpired lease term was 57.5 years.

What are the common deficiencies that you see in leases for Emerson Park properties?

There is nothing unique about leasehold conveyancing in Emerson Park. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. 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 property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Coventry Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Emerson Park Leasehold Conveyancing - Sample of Queries Prior to Purchasing

The answer will be useful as a) areas may cause problems in the building as the communal areas may begin to deteriorate where repairs remain unpaid b) if the tenants have a dispute with the running of the building you will want to know about it