Due to complete next month on a ground floor flat in St James's. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in St James's should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• The total extent of the premises. This will be the apartment itself but could also include a roof space or cellar if applicable.
• Are you allowed to have a pet in the flat?
• You should have a good understanding of the insurance provisions
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• What options are open to you if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in St James's. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in St James's ?

Most houses in St James's are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in St James's in which case you should be looking for a St James's conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.

I am attracted to a couple of apartments in St James's both have in the region of fifty 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 St James's is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and banks, leases with less than 75 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 premises 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 premises 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 St James's conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

Do you have any top tips for leasehold conveyancing in St James's with the aim of saving time on the sale process?

• Much of the delay in leasehold conveyancing in St James's can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
• The majority freeholders or managing agents in St James's levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought 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 usual cause of delay in leasehold conveyancing in St James's.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? St James's leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer first.
• A minority of St James's leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
• You may think that you are aware of the number of years left on your lease but you should 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 less than 80 years. It is therefore important 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 home on the market for sale.

I own a ground flat in St James's. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?

in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to determine the price payable.

An example of a Freehold Enfranchisement decision for a St James's property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The remaining number of years on the lease was 73.26 years.

Are there frequently found deficiencies that you witness in leases for St James's properties?

There is nothing unique about leasehold conveyancing in St James's. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Mortgage Works, and Bank of Ireland all have express 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 buyer to withdraw.

Leasehold Conveyancing in St James's - Sample of Questions you should ask before buying

Make sure you find out if the the lease contains any onerous restrictions in the lease. For instance it is reasonably common in St James's leases that pets are not permitted in certain buildings in St James's. If you love the apartmentin St James's however your cat is not allowed to move with you then you have a very hard compromise. What prohibitions are contained in the St James's Lease?