I am hoping to sign contracts shortly on a basement flat in Mayfair. Conveyancing lawyers have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• Are pets allowed in the flat?
• You need to be told what constitutes a Nuisance in the lease
• Repair and maintenance of the flat
• 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
• What the implications are if you breach a clause of your lease?

I have just appointed agents to market my basement apartment in Mayfair.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a couple of apartments in Mayfair which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

What are your top tips when it comes to appointing a Mayfair conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Mayfair conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Mayfair conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• How experienced is the practice with lease extension legislation?
• How many lease extensions have they conducted in Mayfair in the last twenty four months?

My wife and I have hit a brick wall in seeking a lease extension in Mayfair. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We can put you in touch with a Mayfair conveyancing firm who can help.

An example of a Lease Extension case for a Mayfair property is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case was in relation to 1 flat. The unexpired term was 21 years.

What makes a Mayfair lease unacceptable for security purposes?

Leasehold conveyancing in Mayfair is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed 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 defective they may refuse to provide security, obliging the buyer to pull out.

I purchased a 2 bed flat in Mayfair, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Mayfair with a long lease are worth £196,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2092

You have 66 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.