I've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Worcester Park. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Worcester Park ?

Most houses in Worcester Park are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Worcester Park in which case you should be looking for a Worcester Park conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

Back In 2006, I bought a leasehold flat in Worcester Park. Conveyancing and Clydesdale mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Worcester Park who previously acted has long since retired.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no need to instruct a Worcester Park conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a long established estate agency in Worcester Park 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 Worcester Park conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is 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 buyer.

Do you have any advice for leasehold conveyancing in Worcester Park with the aim of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Worcester Park can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
• Many landlords or managing agents in Worcester Park charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Worcester Park.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Worcester Park leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. If you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
• A minority of Worcester Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a replacement share certificate can be a time consuming formality and slows down many a Worcester Park conveyancing transaction. If a reissued share is needed, do contact the company officers or managing agents (where applicable) for this as soon as possible.

I have attempted and failed to negotiate with my landlord to extend my lease without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Worcester Park conveyancing firm to act on my behalf?

if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price payable.

An example of a Lease Extension matter before the tribunal for a Worcester Park property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The the number of years remaining on the existing lease(s) was 60.43 years.

Are there frequently found defects that you encounter in leases for Worcester Park properties?

There is nothing unique about leasehold conveyancing in Worcester Park. All leases is drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Coventry Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

I acquired a studio flat in Worcester Park, conveyancing having been completed 2008. How much will my lease extension cost? Equivalent properties in Worcester Park with an extended lease are worth £246,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2093

With just 67 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should 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.