I am on look out for some leasehold conveyancing in Streatham Vale. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is registered - and almost all are in Streatham Vale - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I’m about to sell my basement flat in Streatham Vale.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay the service charge 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 today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Streatham Vale. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Streatham Vale are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Streatham Vale in which case you should be looking for a Streatham Vale conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.

I work for a busy estate agent office in Streatham Vale where we see a few leasehold sales derailed as a result of short leases. I have been given contradictory information from local Streatham Vale conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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 buyer.

Can you offer any advice when it comes to choosing a Streatham Vale conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Streatham Vale conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Streatham Vale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

• What volume of lease extensions has the firm carried out in Streatham Vale in the last 12 months?

Streatham Vale Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

The majority of Streatham Vale leasehold properties will be liable to pay a service charge for maintenance of the building set on behalf of the freeholder. Should you purchase the flat you will have to pay this charge, usually quarterly throughout the year. This could vary from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all probability there will be a rentcharge for you to pay annual, normally this is not a significant sum, say approximately £50-£100 but you should to enquire it because sometimes it could be many hundreds of pounds. How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents?

Other Topics

Lease Extensions in Streatham Vale