Looking forward to sign contracts shortly on a leasehold property in Lewisham. Conveyancing lawyers have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• The total extent of the premises. This will be the property itself but might include a loft or basement if applicable.
• Does the lease require carpeting throughout thus preventing wood flooring?
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• 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
• Responsibility for repairing the window frames
• What you can do if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I’m about to sell my 2 bed flat in Lewisham.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a two flats in Lewisham both have in the region of forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Lewisham is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Lewisham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold property in Lewisham. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to finding a Lewisham conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Lewisham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Lewisham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If the firm is not ALEP accredited then what is the reason?
• What volume of lease extensions has the firm conducted in Lewisham in the last twenty four months?

I have given up trying to purchase the freehold in Lewisham. Can this matter be resolved via the Leasehold Valuation Tribunal?

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 First-tier Tribunal (Property Chamber) to judgment on the amount due.

An example of a Lease Extension decision for a Lewisham flat is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The the unexpired term as at the valuation date was 72 years.

Lewisham Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

Its a good idea to find out as much as you can concerning the managing agents as they can either make your life much easier or a lot more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the common parts. Enquire of other people whether they are happy with their service. In conclusion, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely what it includes. Does the lease include onerous restrictions?