I am looking at a couple of apartments in St Giles both have approximately 50 years left on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in St Giles. Do I have any liability for service charges for periods before my ownership?

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 be sure 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).

Can you provide any advice for leasehold conveyancing in St Giles with the intention of saving time on the sale process?

• Much of the delay in leasehold conveyancing in St Giles can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers conveyancers.
• If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in St Giles state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such changes. Should you dont have the paperwork in place you should not contact the landlord without checking with your solicitor in the first instance.
• A minority of St Giles 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 financial (bank) and professional references. The 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 purchasers or their lawyers.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a new share certificate is often a time consuming formality and delays many a St Giles home move. If a reissued share is necessary, do contact the company director and secretary 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 you should double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Completion in due on our sale of a £ 500000 garden flat in St Giles in 5 days. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in St Giles?

St Giles conveyancing on leasehold flats more often than not involves the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to complete the sale of your home.

Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in St Giles. Can this matter be resolved via the Leasehold Valuation Tribunal?

Absolutely. We are happy to put you in touch with a St Giles conveyancing firm who can help.

An example of a Lease Extension decision for a St Giles property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired term was 66.8 years.

In relation to leasehold conveyancing in St Giles what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in St Giles. All leases are individual and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements 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

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I invested in buying a split level flat in St Giles, conveyancing having been completed in 2003. How much will my lease extension cost? Similar flats in St Giles with an extended lease are worth £268,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2090

With just 64 years remaining on your lease we estimate the premium for your lease extension to span between £17,100 and £19,800 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered 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.