I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in West Norwood. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in West Norwood ?

The majority of houses in West Norwood are freehold rather than leasehold. In this scenario it’s worth 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 West Norwood in which case you should be shopping around for a West Norwood conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. 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 contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a two maisonettes in West Norwood both have in the region of forty five years left on the leases. 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 gets shorter the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

I am a negotiator for a long established estate agent office in West Norwood where we have experienced a number of leasehold sales derailed due to short leases. I have been given contradictory information from local West Norwood conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?

Provided that the seller has owned the lease 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 proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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.

What are your top tips when it comes to choosing a West Norwood conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a West Norwood conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non West Norwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• How experienced is the firm with lease extension legislation?
• Can they put you in touch with client in West Norwood who can give a testimonial?

I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a West Norwood conveyancing firm to act on my behalf?

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

An example of a Freehold Enfranchisement matter before the tribunal for a West Norwood premises is 172 Knollys Road in February 2012. On 13 September 2011 District Judge Guinan made a vesting order and the proceedings were transferred to the tribunal for the purpose of assessing the premium which was subsequently calculated to be £24,003 This case affected 4 flats. The the number of years remaining on the existing lease(s) was 98.28 for 3 flats other than the garden flat which had 66.04 years remaining.

What makes a West Norwood lease unacceptable for security purposes?

Leasehold conveyancing in West Norwood is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

• 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

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

I inherited a basement flat in West Norwood, conveyancing formalities finalised in 2004. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in West Norwood with over 90 years remaining are worth £226,000. The ground rent is £60 per annum. The lease comes to an end on 21st October 2092

With 66 years unexpired we estimate the premium for your lease extension to span between £13,300 and £15,400 plus professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.