I am in need of some leasehold conveyancing in Stockwell. Before I get started I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Stockwell - then the leasehold title will always include the basic details 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 would like to rent out my leasehold flat in Stockwell. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

The lease governs the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Stockwell do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

Planning to exchange soon on a garden flat in Stockwell. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?

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

• The physical extent of the property. This will be the property itself but may incorporate a loft or cellar if appropriate.
• Setting out your rights in relation to common areas in the block.For example, does the lease grant a right of way over an accessway or staircase?
• You must be told what constitutes a Nuisance in the lease
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• What options are open to you if a neighbour is in violation of a provision in their lease?

Do you have any advice for leasehold conveyancing in Stockwell with the purpose of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Stockwell can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the buyers lawyers.
• Some Stockwell 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. The bank reference will need to confirm that the buyers are able to meet the yearly 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 purchasers or their solicitors.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to ongoing.
• If you hold a share in a the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate is often a time consuming formality and slows down many a Stockwell conveyancing transaction. If a new share is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is essential at an early stage 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.

I have given up trying to purchase the freehold in Stockwell. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Absolutely. We can put you in touch with a Stockwell conveyancing firm who can help.

An example of a Freehold Enfranchisement case for a Stockwell property is 3 Tintern Street in February 2010. The tribunal had jurisdiction to make a decision on the price of the freehold of the subject premises and concluded that the premium should be £24,630.00 This case affected 2 flats. The the number of years remaining on the existing lease(s) was 73.69 years.

What makes a Stockwell lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Stockwell. All leases is drafted differently and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• 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 as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements 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 withdraw.

I acquired a split level flat in Stockwell, conveyancing having been completed in 2005. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Stockwell with an extended lease are worth £225,000. The ground rent is £45 per annum. The lease ceases on 21st October 2080

With 54 years left to run the likely cost is going to span between £31,400 and £36,200 plus professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.