Expecting to complete next month on a basement flat in Streatham. Conveyancing solicitors assured me that they will have a report out to me next week. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• The physical extent of the premises. This will be the property itself but could also incorporate a roof space or cellar if appropriate.
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• You should have a good understanding of the insurance provisions
• Changes to the flat (alterations and additions)
• 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 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.

I've recently bought a leasehold flat in Streatham. Do I have any liability for service charges relating to a period prior to my ownership?

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).

I work for a busy estate agent office in Streatham where we have witnessed a few flat sales derailed due to short leases. I have received inconsistent advice from local Streatham conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Can you offer any advice when it comes to finding a Streatham conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Streatham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Streatham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the firm with lease extension legislation?
• If they are not ALEP accredited then why not?

Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Streatham. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the amount due.

An example of a Lease Extension matter before the tribunal for a Streatham property is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case related to 1 flat. The the unexpired term as at the valuation date was 23.25 years.

What are the common defects that you see in leases for Streatham properties?

There is nothing unique about leasehold conveyancing in Streatham. All leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• 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 will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Coventry Building Society, and Britannia 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 problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

I invested in buying a leasehold flat in Streatham, conveyancing was carried out 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Streatham with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2103

You have 77 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.