Planning to sign contracts shortly on a leasehold property in Piccadilly. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Piccadilly should include some of the following:

• Does the lease prevent you from renting out the flat, or having a home office for business
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Repair and maintenance of the flat
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What you can do if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I have just started marketing my 2 bed apartment in Piccadilly.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should pay 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 managing agents will not acknowledge the buyer unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I own a leasehold flat in Piccadilly. Conveyancing and Platform Home Loans Ltd 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 1993. The conveyancing solicitor in Piccadilly who acted for me is not around.Any advice?

First make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Piccadilly conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two maisonettes in Piccadilly which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Piccadilly is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most buyers and banks, leases with under eighty years become less and less marketable. On a more upbeat 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 Piccadilly 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 any new 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.

I have had difficulty in seeking a lease extension in Piccadilly. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We can put you in touch with a Piccadilly conveyancing firm who can help.

An example of a Lease Extension case for a Piccadilly residence is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case was in relation to 1 flat. The unexpired term was 21 years.

When it comes to leasehold conveyancing in Piccadilly what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Piccadilly. All leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.

I am the registered owner of a ground floor flat in Piccadilly, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Piccadilly with a long lease are worth £235,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2094

With just 68 years left to run we estimate the premium for your lease extension to be between £13,300 and £15,400 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.