I am hoping to sign contracts shortly on a basement flat in Abbey Wood. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?

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

• The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
• 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
• Whether your lease has a provision for a sinking fund?
• I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

Estate agents have just been given the go-ahead to market my basement apartment in Abbey Wood.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge 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 until 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. This will smooth the conveyancing process.

I am attracted to a two maisonettes in Abbey Wood both have in the region of 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Abbey Wood. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Abbey Wood. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner 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 top tips for leasehold conveyancing in Abbey Wood with the aim of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Abbey Wood can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
• Many landlords or Management Companies in Abbey Wood charge for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Abbey Wood.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Abbey Wood leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. Should you fail to have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer before hand.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Organising a new share certificate is often a lengthy formality and frustrates many a Abbey Wood home move. If a duplicate share is needed, do contact the company officers or managing agents (if applicable) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Abbey Wood conveyancing firm to help?

Absolutely. We can put you in touch with a Abbey Wood conveyancing firm who can help.

An example of a Lease Extension case for a Abbey Wood flat is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The the unexpired residue of the current lease was 76 years.

Leasehold Conveyancing in Abbey Wood - Sample of Queries before buying

How much is the maintenance charge and ground rent on the apartment?