Looking forward to sign contracts shortly on a leasehold property in Putney. Conveyancing solicitors have said that they will have a report out to me 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 Putney should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• You should be told what counts as a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• You should have a good understanding of the insurance provisions
• Repair and maintenance of the flat
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• What the implications are if you breach a clause of your lease?

I am attracted to a two maisonettes in Putney both have approximately 50 years left on the leases. Do I need to be concerned?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

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

If you are instructing a conveyancer for your lease extension (regardless if they are a Putney conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Putney conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Putney who can give a testimonial?

Can you provide any advice for leasehold conveyancing in Putney with the intention of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Putney can be avoided if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives.
• Many freeholders or Management Companies in Putney levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Putney.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Putney leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you dont have the approvals in place you should not communicate with the landlord without contacting your conveyancer before hand.
• If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a time consuming process and frustrates many a Putney conveyancing transaction. If a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

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

if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to judgment on the price payable.

An example of a Freehold Enfranchisement decision for a Putney residence is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired term was 66.25 years.

Are there frequently found deficiencies that you witness in leases for Putney properties?

Leasehold conveyancing in Putney is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are not included. 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
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

I am the registered owner of a 2 bed flat in Putney, conveyancing having been completed 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Putney with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2105

With 79 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.