I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Seven Kings. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Seven Kings ?

The majority of houses in Seven Kings are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Seven Kings in which case you should be looking for a Seven Kings conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should advise you fully on all the issues.

I am looking at a two flats in Seven Kings both 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 property for a period of time. As a lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold house in Seven Kings. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any advice for leasehold conveyancing in Seven Kings from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Seven Kings can be reduced where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
• A minority of Seven Kings leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
• If you have had any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
• If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a new share certificate can be a lengthy formality and slows down many a Seven Kings conveyancing deal. Where a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

Having spent years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Seven Kings. Can we issue an application to the Residential Property Tribunal Service?

Most definitely. We can put you in touch with a Seven Kings conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Seven Kings residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 61.36 years.

What makes a Seven Kings lease unmortgageable?

Leasehold conveyancing in Seven Kings is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the property
• 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 may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Bank of Ireland all have express 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.

Seven Kings Leasehold Conveyancing - Examples of Queries Prior to buying

This information is helpful as a) areas can cause problems in the building as the common areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have a dispute with the running of the building you will want to know about it