Having had my offer accepted I require leasehold conveyancing in Old Coulsdon. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and 99.9% are in Old Coulsdon - then the leasehold title will always include the short particulars 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 am hoping to exchange soon on a basement flat in Old Coulsdon. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?

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

• The physical extent of the demise. This will be the property itself but may include a roof space or cellar if appropriate.
• Setting out your legal entitlements in respect of common areas in the building.By way of example, does the lease include a right of way over a path or staircase?
• Do you need to have carpet in the flat or are you allowed wood flooring?
• Whether your lease has a provision for a sinking fund?
• Changes to the flat (alterations and additions)
• 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

I am attracted to a couple of apartments in Old Coulsdon which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Old Coulsdon is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 property 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 Old Coulsdon 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 work for a long established estate agent office in Old Coulsdon where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Old Coulsdon conveyancing solicitors. Please can you confirm whether the owner 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 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 advice for leasehold conveyancing in Old Coulsdon with the aim of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Old Coulsdon can be avoided if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Old Coulsdon leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the paperwork in place do not communicate with the landlord without contacting your solicitor in advance.
• Some Old Coulsdon leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
• If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

We have reached the end of our tether in trying to purchase the freehold in Old Coulsdon. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Where there is a missing landlord or where there is disagreement about the premium for a lease extension, 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 price.

An example of a Freehold Enfranchisement case for a Old Coulsdon residence is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case was in relation to 3 flats. The unexpired lease term was 75 years.

Old Coulsdon Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying

Generally speaking the outlay for major works tend not to be built into the service charges, although some managing agents in Old Coulsdon require tenants to contribute towards a reserve fund created for the specific intention of establishing a fund for major works. You will want to find out as much as possible concerning the managing agents as they can either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with them. Finally, find out the dates that the service charges are due to the relevant party and precisely what you get for your money.