I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Old Malden. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Old Malden ?

Most houses in Old Malden are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Old Malden so you should seriously consider shopping around for a Old Malden conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.

I've recently bought a leasehold house in Old Malden. Am I liable to pay service charges for periods before my ownership?

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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

What advice can you give us when it comes to choosing a Old Malden conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Old Malden conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Old Malden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the practice with lease extension legislation?
• How many lease extensions have they conducted in Old Malden in the last year?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £ 175000 maisonette in Old Malden in 5 days. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Old Malden?

Old Malden conveyancing on leasehold flats often involves the buyer’s solicitor submitting 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 levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

I have given up trying to reach an agreement for a lease extension in Old Malden. Can this matter be resolved via the Leasehold Valuation Tribunal?

in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the price payable.

An example of a Lease Extension matter before the tribunal for a Old Malden residence is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.

In relation to leasehold conveyancing in Old Malden what are the most common lease problems?

Leasehold conveyancing in Old Malden is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• 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

You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

Old Malden Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

It would be wise to find out as much as possible about the managing agents as they will either make life much simpler or uncomfortable. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to every day matters like the cleanliness of the communal areas. Don't be afraid to ask other people what they think of their management. Finally, find out the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending that money. How much is the ground rent and service charge?