Having had my offer accepted I require leasehold conveyancing in Old Malden. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and most are in Old Malden - then the leasehold title will always include the basic details 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.

Estate agents have just been given the go-ahead to market my basement apartment in Old Malden.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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 am looking at a two apartments in Old Malden which have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

Can you offer any advice when it comes to appointing a Old Malden conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Old Malden conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Old Malden conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• If they are not ALEP accredited then what is the reason?
• What are the legal fees for lease extension conveyancing?

I own a second floor flat in Old Malden. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?

if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the premium.

An example of a Lease Extension decision for a Old Malden flat 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 was in relation to 1 flat.

Are there common defects that you see in leases for Old Malden properties?

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

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Aldermore all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

Old Malden Leasehold Conveyancing - Sample of Queries Prior to Purchasing

How much is the ground rent and service charge?