Planning to exchange soon on a studio apartment in Smithfield. Conveyancing solicitors have said that they are sending me a report on Monday. What should I be looking out for?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
• Setting out your rights in relation to common areas in the block.For instance, does the lease permit a right of way over an accessway or hallways?
• Are you allowed to have a pet in the flat?
• 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
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• 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 today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Smithfield. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Smithfield ?

The majority of houses in Smithfield are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Smithfield so you should seriously consider shopping around for a Smithfield conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.

I've recently bought a leasehold flat in Smithfield. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee 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).

Do you have any advice for leasehold conveyancing in Smithfield from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Smithfield can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
• Many landlords or Management Companies in Smithfield charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Smithfield.
• If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
• If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share certificate. Arranging a replacement share certificate can be a time consuming formality and delays many a Smithfield conveyancing transaction. Where a new share is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

If all goes to plan we aim to complete the sale of our £ 175000 apartment in Smithfield in just under a week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Smithfield?

Smithfield conveyancing on leasehold maisonettes more often than not involves the buyer’s conveyancer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to do so. They are entitled charge a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you should you wish to sell the property.

I invested in buying a 1 bedroom flat in Smithfield, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Smithfield with a long lease are worth £238,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2097

With just 71 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.