I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Emerson Park. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Emerson Park ?

Most houses in Emerson Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Emerson Park in which case you should be shopping around for a Emerson Park conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.

My wife and I purchased a leasehold flat in Emerson Park. Conveyancing and Barnsley Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Emerson Park who acted for me is not around.Any advice?

The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Emerson Park conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in Emerson Park which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Emerson Park. The lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

What advice can you give us when it comes to finding a Emerson Park conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Emerson Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Emerson Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• If the firm is not ALEP accredited then why not?
• What volume of lease extensions have they carried out in Emerson Park in the last 12 months?

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

• A significant proportion of the frustration in leasehold conveyancing in Emerson Park can be bypassed where 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’ lawyers.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Emerson Park leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such works. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your solicitor before hand.
• Some Emerson Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I am the leaseholder of a second floor flat in Emerson Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?

Most certainly. We can put you in touch with a Emerson Park conveyancing firm who can help.

An example of a Lease Extension decision for a Emerson Park property 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 was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.

I acquired a split level flat in Emerson Park, conveyancing formalities finalised 2003. Can you work out an approximate cost of a lease extension? Similar properties in Emerson Park with an extended lease are worth £204,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2079

You have 53 years remaining on your lease we estimate the premium for your lease extension to be between £35,200 and £40,600 plus legals.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.