Expecting to exchange soon on a studio apartment in Tooting Bec. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

• You should receive a copy of the lease

I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Tooting Bec. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Tooting Bec are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Tooting Bec so you should seriously consider looking for a Tooting Bec conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.

I am looking at a couple of maisonettes in Tooting Bec which have about fifty years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Tooting Bec is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more positive 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 Tooting Bec 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.

What advice can you give us when it comes to choosing a Tooting Bec conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Tooting Bec conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Tooting Bec conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How familiar is the practice with lease extension legislation?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £125000 garden flat in Tooting Bec next week. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Tooting Bec?

Tooting Bec conveyancing on leasehold apartments more often than not necessitates the purchaser’s conveyancer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to address these enquiries most will be content to do so. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to complete the sale of your home.

I have given up trying to purchase the freehold in Tooting Bec. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to assess the price.

An example of a Lease Extension decision for a Tooting Bec premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired lease term was 62.94 years.