I am in need of some leasehold conveyancing in Streatham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and 99.9% are in Streatham - 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 apartment in Streatham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

The lease governs relations between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Streatham do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I've recently bought a leasehold flat in Streatham. Am I liable to pay service charges for periods before completion of my purchase?

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. A critical element 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).

Can you provide any top tips for leasehold conveyancing in Streatham with the aim of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Streatham can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers representatives.
• Some Streatham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice 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 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 service charge figures 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 essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and pay 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
• If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate is often a time consuming formality and slows down many a Streatham conveyancing deal. If a new share certificate is necessary, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I am the leaseholder of a a ground floor purpose built flat in Streatham. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?

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

An example of a Lease Extension decision 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 related to 1 flat. The the unexpired residue of the current lease was 23.25 years.

Are there frequently found defects that you encounter in leases for Streatham properties?

Leasehold conveyancing in Streatham is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

I acquired a split level flat in Streatham, conveyancing having been completed 1996. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Streatham with over 90 years remaining are worth £178,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2101

With 75 years unexpired we estimate the premium for your lease extension to range between £10,500 and £12,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.