Q. What factors do I need to take into account when buying leasehold?

A. Under English law, you can only have one freehold property on each piece of land - so leasehold was adopted as a way of getting round this problem in order to give flat-dwellers a degree of security of tenure. With a lease, you are effectively a kind of tenant, having bought rights to a property for an extended period of time. As such you are bound by the terms of the agreement, which are set out in the lease itself – subject of course to the various statutory rules and regulations. One of the key things you need to consider is the length of time still outstanding on the lease. Anything less than 80 years and you would encounter problems if you wanted to sell. You are legally entitled to have the lease extended – as long as you have already held it for a minimum of two years. However, this comes at a price, since the relevant legislation entitles the freeholder make a charge for this by way of compensation for having to wait longer to get their property back. Another reason why the 80 year mark is so important is that at this point, in addition to the afore-mentioned compensation, you also become liable to pay the freeholder so-called “Marriage Value” – i.e. 50% of the increase in the property’s perceived market value due to the lease extension. Clauses in the lease concerning repairs, and responsibility for them – also require careful study. Ditto, matters such as ground rent, service charges, insurances, maintenance schedules, rights over/responsibilities for communal areas, parking provision, the rules governing sub-letting…the list goes on. Ultimately, however, the key thing to remember about leasehold agreements is that while they all share certain basic elements, there is actually no such thing as a standard lease. Even in a modern development, they will often vary, while in the case of older leases, they can contain all manner of weird and wonderful clauses. The devil is always in the detail. So – don’t even think of trying to do your own conveyancing. Going through the terms and conditions of a lease with a fine toothcomb really is a job for the experts!

Q. Help! We need to move and don’t really want to wait till the Autumn - but we’re going to be away for much of the summer.

A. The first thing to say is “don’t panic!” Even in high summer (if you can call it that) there are buyers about; maybe not as many as in the autumn, but they are just as keen to buy. Indeed, for people like teachers, this is precisely the time that they will be actively househunting. And don’t worry about it interfering with your own holiday plans, either. When it comes to showing prospective buyers around, many estate agents actually prefer it if the seller is absent, since it allows them to concentrate on the job in hand. So, just give your agents the keys and a contact number, and let them deal with viewings and so forth while you’re away. Security is really the big issue here. Remember, 4 out of 5 burglaries take place when properties are empty – so having an estate agent visiting your property regularly is actually a big plus. Not only does it mean you’re home will get a regular airing, but it’s also good to have someone dropping by now and then, just to keep an eye on the place. In addition, of course, there are all sorts of other measures you can take – most of which are really just common sense. For example: · Avoid discussing your holiday or business trip in public, and don’t put your home address on your luggage. · As well as the agent’s visits, try to enlist a friend or neighbour to keep your house looking lived-in: for example, by opening and closing curtains, keeping the hallway clear of junk mail, etc (particularly important if your front door is glazed) - even parking their car in your driveway from time to time. Also, make sure they too have contact details for you. · Put one or two lights in different rooms on timer switches, and do the same with a radio (speech programmes rather than music). · Cancel any milk or newspaper deliveries. · If you are going to be away for a long period, arrange for someone to keep the garden looking neat and cared-for. And finally… · Try not to leave valuable items visible through the windows.