Due to complete next month on a studio apartment in Surrey Quays. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
• Ground rent - how much and when you need to pay, and also know whether this is subject to change
• Whether your lease has a provision for a reserve fund?
• 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
• What you can do if a neighbour is in violation of a provision in their lease?

I am tempted by the attractive purchase price for a two flats in Surrey Quays which have approximately forty five years unexpired on the leases. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold house in Surrey Quays. Do I have any liability for service charges for periods before my ownership?

In a situation 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. However, 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 am a negotiator for a reputable estate agency in Surrey Quays where we see a number of leasehold sales jeopardised due to short leases. I have been given contradictory information from local Surrey Quays conveyancing firms. Please can you confirm whether the seller of a flat can commence 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

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 purchaser.

I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Surrey Quays conveyancing firm to assist?

Most certainly. We are happy to put you in touch with a Surrey Quays conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Surrey Quays premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The the number of years remaining on the existing lease(s) was 101.61 years.

What are the common deficiencies that you encounter in leases for Surrey Quays properties?

Leasehold conveyancing in Surrey Quays is not unique. All 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 elements of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Virgin Money, and Alliance & Leicester 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 defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

Surrey Quays Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing

It is important to be aware if fixing the lift or some other major work is due in the near future to be shared amongst the leaseholders and will dramatically impact the level of the maintenance fees or require a one time invoice. For most Surrey Quays leaseholds the outlay for major works are not included within service charges, although some managing agents in Surrey Quays ask tenants to contribute towards a reserve fund created for the specific purpose of building a fund for major repairs or maintenance.