Expecting to sign contracts shortly 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?

Your 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
• Setting out your legal entitlements in relation to common areas in the building.For example, does the lease include a right of way over an accessway or hallways?
• Does the lease require carpeting throughout thus preventing wood flooring?
• Whether the lease restricts you from renting out the flat, or having a home office for business
• 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
• What you can do if a neighbour breach a clause of 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 appears to be perfect, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Streatham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Streatham ?

The majority of houses in Streatham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Streatham in which case you should be looking for a Streatham conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am attracted to a two apartments in Streatham which have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in Streatham. The 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 costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

Do you have any advice for leasehold conveyancing in Streatham from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Streatham can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
• A minority of Streatham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
• If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Arranging a replacement share certificate is often a lengthy process and slows down many a Streatham home move. Where a new share is necessary, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to where the lease term is under 75 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 premises on the market for sale.

Completion in due on our sale of a £ 350000 maisonette in Streatham in six days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Streatham?

Streatham conveyancing on leasehold flats more often than not requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to assist. They may charge a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality one has little choice but to pay whatever is requested of you should you wish to complete the sale of your home.

I am the registered owner of a ground floor flat in Streatham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?

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

An example of a Lease Extension matter before the tribunal for a Streatham premises 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 affected 1 flat. The unexpired lease term was 23.25 years.

Leasehold Conveyancing in Streatham - Examples of Questions you should consider before buying

Are there any major works anticipated that could add a premium to the maintenance costs? Best to be warned if redecorating or some other significant cost is coming up that will be shared by the leasehold owners and will materially impact the level of the maintenance charges or result in a specific invoice.