Having had my offer accepted I require leasehold conveyancing in Knightsbridge. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Knightsbridge - 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 today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Knightsbridge. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Knightsbridge ?

Most houses in Knightsbridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Knightsbridge in which case you should be looking for a Knightsbridge conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.

I work for a busy estate agent office in Knightsbridge where we have witnessed a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Knightsbridge conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner 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. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 offer any advice when it comes to appointing a Knightsbridge conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Knightsbridge conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Knightsbridge conveyancing practices prior to 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 what is the reason?
• What are the charges for lease extension conveyancing?

Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Knightsbridge. Can we issue an application to the Residential Property Tribunal Service?

Absolutely. We can put you in touch with a Knightsbridge conveyancing firm who can help.

An example of a Lease Extension case for a Knightsbridge residence is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case was in relation to 1 flat. The unexpired term was 13.33 years.

What makes a Knightsbridge lease problematic?

Leasehold conveyancing in Knightsbridge is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Barnsley Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

I acquired a garden flat in Knightsbridge, conveyancing formalities finalised 2010. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Knightsbridge with over 90 years remaining are worth £255,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2083

With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.