Due to exchange soon on a leasehold property in Tower Hill. Conveyancing solicitors inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

• Setting out your rights in relation to the communal areas in the block.For instance, does the lease provide for a right of way over a path or hallways?
• Will you be prohibited or prevented from having pets in the property?
• Whether the lease restricts you from subletting the property, or having a home office for business
• Whether your lease has a provision for a sinking fund?
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• Responsibility for repairing the window frames

I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Tower Hill. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Tower Hill ?

The majority of houses in Tower Hill are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Tower Hill in which case you should be shopping around for a Tower Hill conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to carry out 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 will report to you on the legal implications.

Last month I purchased a leasehold house in Tower Hill. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner 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 be sure 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).

What are your top tips when it comes to appointing a Tower Hill conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Tower Hill conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Tower Hill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• Can they put you in touch with client in Tower Hill who can give a testimonial?
• What are the charges for lease extension work?

Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Tower Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Absolutely. We can put you in touch with a Tower Hill conveyancing firm who can help.

An example of a Freehold Enfranchisement decision for a Tower Hill flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The the number of years remaining on the existing lease(s) was 107 years.

What makes a Tower Hill lease unmortgageable?

Leasehold conveyancing in Tower Hill is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• Insurance obligations
• 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Aldermore all have express requirements 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 own a leasehold flat in Tower Hill, conveyancing having been completed in 2006. How much will my lease extension cost? Equivalent flats in Tower Hill with an extended lease are worth £220,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2088

With only 62 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.