I am on look out for some leasehold conveyancing in Sydenham. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and most are in Sydenham - 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 today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Sydenham. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Sydenham ?

The majority of houses in Sydenham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Sydenham so you should seriously consider looking for a Sydenham conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am attracted to a couple of flats in Sydenham both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Sydenham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sydenham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold house in Sydenham. Do I have any liability for service charges for periods before completion of my purchase?

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. 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).

All being well we will complete the disposal of our £ 325000 flat in Sydenham next Tuesday . The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Sydenham?

Sydenham conveyancing on leasehold apartments usually requires the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to assist. They may invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you if you want to exchange contracts with the buyer.

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Sydenham conveyancing firm to represent me?

You certainly can. We can put you in touch with a Sydenham conveyancing firm who can help.

An example of a Lease Extension case for a Sydenham flat is Flat 1 4 Border Crescent in March 2012. the Tribunal decided that the sum payable by the Applicants to the Respondent in respect of the new lease for the subject property should be £11,616.00 (ElevenThousand and Six Hundred and Sixteen Pounds) This case was in relation to 1 flat. The unexpired lease term was 72.04 years.

I purchased a ground floor flat in Sydenham, conveyancing formalities finalised 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Sydenham with a long lease are worth £264,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2095

With just 69 years remaining on your lease we estimate the price of your lease extension to range between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

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 in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.