I am hoping to complete next month on a garden flat in Stratford. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Stratford should include some of the following:

• The total extent of the property. This will be the flat itself but may include a loft or basement if applicable.
• You need to be told what constitutes a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• You should have a good understanding of the insurance provisions
• 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
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What the implications are if you breach a clause of your lease?

I have just appointed agents to market my garden flat in Stratford.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Stratford. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Stratford are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Stratford so you should seriously consider looking for a Stratford conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two flats in Stratford which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Stratford. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

Do you have any advice for leasehold conveyancing in Stratford with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Stratford can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Stratford state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Should you dont have the approvals to hand you should not contact the landlord without contacting your solicitor in the first instance.
• Some Stratford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• If you have had any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to 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 clearly preferable to present the dispute as historic as opposed to ongoing.
• If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Obtaining a new share certificate can be a time consuming formality and delays many a Stratford conveyancing deal. If a duplicate share certificate is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.

I am the proprietor of a two-bedroom flat in Stratford. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?

if there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to decide the amount due.

An example of a Freehold Enfranchisement matter before the tribunal for a Stratford flat is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 72.02 years.

Leasehold Conveyancing in Stratford - A selection of Questions you should consider before Purchasing

What is the the remaining lease term? How much is the yearly service fee and ground rent?