Looking forward to sign contracts shortly on a studio apartment in Wallington. Conveyancing solicitors assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

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

• Whether the lease restricts you from renting out the property, or having a home office for business

I have just appointed agents to market my 2 bed apartment in Wallington.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Wallington. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Wallington are freehold and not 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 purchasing in Wallington so you should seriously consider shopping around for a Wallington conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two apartments in Wallington both have approximately forty five years left on the lease term. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

I am a negotiator for a busy estate agency in Wallington where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Wallington conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means 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 has to be done prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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 attempted and failed to negotiate with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Wallington conveyancing firm to act on my behalf?

in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, 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 make a decision on the price payable.

An example of a Freehold Enfranchisement case for a Wallington premises is 21 & 23 Carshalton Grove in May 2009. the Tribunal adopted the figures presented as the premiums payable by the Applicant i.e. a total of £20,750. This case affected 2 flats. The the unexpired term as at the valuation date was 72 years.

Other Topics

Lease Extensions in Wallington