Planning to exchange soon on a basement flat in Harold Park. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Harold Park should include some of the following:

• Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease provide for a right of way over an accessway or staircase?
• Whether the lease restricts you from subletting the property, or working from home
• You should be told what counts as a Nuisance in the lease
• Whether your lease has a provision for a sinking fund?
• You should have a good understanding of the insurance provisions
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

I am attracted to a two apartments in Harold Park both have approximately 50 years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money 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 are your top tips when it comes to choosing a Harold Park conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Harold Park conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Harold Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• If the firm is not ALEP accredited then why not?
• How many lease extensions have they carried out in Harold Park in the last twenty four months?

Do you have any advice for leasehold conveyancing in Harold Park from the point of view of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Harold Park can be bypassed if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
• The majority landlords or Management Companies in Harold Park charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Harold Park.
• A minority of Harold 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 bank and professional references. The bank reference will need to confirm that the buyers are 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 the benefit of shareholding in the Management Company, you should ensure that you have the original share document. Arranging a re-issued share certificate is often a lengthy process and delays many a Harold Park home move. Where a new share certificate is necessary, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 75 years. It is therefore essential at an as soon as possible 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.

Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Harold Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the amount due.

An example of a Lease Extension case for a Harold Park residence 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 the number of years remaining on the existing lease(s) was 57.5 years.

When it comes to leasehold conveyancing in Harold Park what are the most frequent lease problems?

Leasehold conveyancing in Harold Park is not unique. All leases is drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Platform Home Loans Ltd all have express 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 problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

I own a basement flat in Harold Park, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Comparable flats in Harold Park with a long lease are worth £171,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2084

With 58 years unexpired the likely cost is going to span between £21,900 and £25,200 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.