Looking forward to complete next month on a leasehold property in New Cross. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

• Setting out your rights in relation to common areas in the block.For example, does the lease include a right of way over a path or staircase?
• Are you allowed to have a pet in the flat?
• Whether the lease restricts you from subletting the flat, or working from home
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What options are open to you if a neighbour is in violation of a provision in their lease?

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

The sensible thing to do is clear 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am attracted to a two flats in New Cross which have approximately 50 years remaining on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area

I work for a reputable estate agent office in New Cross where we have experienced a few leasehold sales derailed due to short leases. I have been given contradictory information from local New Cross conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?

Provided that 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 proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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.

Do you have any top tips for leasehold conveyancing in New Cross with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in New Cross can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? New Cross leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such alterations. Where you dont have the paperwork to hand do not contact the landlord without checking with your solicitor first.
• If you have had any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
• If you are supposed to have a share in the Management Company, you should ensure that you have the original share certificate. Arranging a replacement share certificate can be a time consuming process and slows down many a New Cross conveyancing transaction. If a duplicate share is needed, do contact the company director and secretary 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 you should verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a New Cross conveyancing firm to act on my behalf?

Most definitely. We can put you in touch with a New Cross conveyancing firm who can help.

An example of a Freehold Enfranchisement case for a New Cross flat is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case affected 3 flats. The remaining number of years on the lease was 80.01 years.

I purchased a studio flat in New Cross, conveyancing having been completed 2010. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in New Cross with over 90 years remaining are worth £205,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2092

You have 66 years left to run we estimate the premium for your lease extension to span between £14,300 and £16,400 plus professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you 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.