Looking forward to complete next month on a leasehold property in Honor Oak. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Honor Oak should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• You should be told what counts as a Nuisance in the lease
• Whether your lease has a provision for a reserve fund?
• Repair and maintenance of the flat
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

I've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Honor Oak. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Honor Oak ?

The majority of houses in Honor Oak are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Honor Oak in which case you should be shopping around for a Honor Oak 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 at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.

I own a leasehold flat in Honor Oak. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Honor Oak who acted for me is not around.Do I pay?

First contact HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Honor Oak conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a long established estate agent office in Honor Oak where we see a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Honor Oak conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Can you provide any top tips for leasehold conveyancing in Honor Oak with the aim of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Honor Oak can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
• The majority freeholders or managing agents in Honor Oak charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack 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 usual cause of frustration in leasehold conveyancing in Honor Oak.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Honor Oak state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals in place you should not contact the landlord without contacting your conveyancer first.
• Some Honor Oak leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any 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 buyers or their lawyers.
• You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore 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 home on the market for sale.

I have had difficulty in seeking a lease extension in Honor Oak. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to make a decision on the price.

An example of a Lease Extension case for a Honor Oak premises is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case related to 1 flat. The the unexpired term as at the valuation date was 61.81 years.

I purchased a studio flat in Honor Oak, conveyancing formalities finalised 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Honor Oak with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2088

With 62 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.