Looking forward to complete next month on a garden flat in Streatham. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

I've found a house that appears to be perfect, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Streatham. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most 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 clear that you are buying in Streatham in which case you should be shopping around for a Streatham conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am tempted by the attractive purchase price for a two maisonettes in Streatham both have approximately forty five years remaining on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

I am employed by a long established estate agent office in Streatham where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Streatham conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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.

I have had difficulty in trying to purchase the freehold in Streatham. Can this matter be resolved via the Leasehold Valuation Tribunal?

if there is a missing landlord or if there is disagreement 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 calculate the premium.

An example of a Lease Extension decision for a Streatham flat 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.

In relation to leasehold conveyancing in Streatham what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Streatham. Most leases are individual and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• A duty to insure the building
• 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

You could 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. Santander, Barnsley Building Society, and Clydesdale all have express requirements 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 provide security, obliging the purchaser to withdraw.

Other Topics

Lease Extensions in Streatham