Expecting to sign contracts shortly on a studio apartment in New Malden. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

• Are you allowed to have a pet in the flat?
• Whether the lease restricts you from subletting the flat, or having a home office for business
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What the implications are if you breach a clause of your lease?

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in New Malden. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in New Malden are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in New Malden so you should seriously consider looking for a New Malden conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission 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 conveyancer should appraise you on the various issues.

I am attracted to a couple of apartments in New Malden both have in the region of fifty years remaining on the leases. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

What are your top tips when it comes to choosing a New Malden conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a New Malden conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non New Malden conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How experienced is the practice with lease extension legislation?
• How many lease extensions has the firm completed in New Malden in the last year?

I have had difficulty in trying to purchase the freehold in New Malden. Can the Leasehold Valuation Tribunal adjudicate on premiums?

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

An example of a Lease Extension case for a New Malden premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.

When it comes to leasehold conveyancing in New Malden what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in New Malden. All leases is drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the premises
• 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Leasehold Conveyancing in New Malden - Sample of Queries Prior to buying