Hyde Park leasehold conveyancing: Q and A’s
I am intending to rent out my leasehold apartment in Hyde Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Your lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Hyde Park do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I am hoping to complete next month on a studio apartment in Hyde Park. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hyde Park should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
I have just started marketing my 2 bed apartment in Hyde Park.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge invoice – Do I pay up?
It best that you 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. This will smooth the conveyancing process.
I am employed by a busy estate agent office in Hyde Park where we have witnessed a number of leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Hyde Park conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is 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 purchaser.
Do you have any top tips for leasehold conveyancing in Hyde Park from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Hyde Park can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers representatives.
- Many freeholders or managing agents in Hyde Park levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Hyde Park.
Hyde Park Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
Please note that where the lease has no more than 80 years it will affect the salability of the apartment. Check with your bank that they are content with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Hyde Parklease extensions you would need to own the premises for two years in order to be legally able to extend the lease.
How much is the annual maintenance fee and ground rent?
How long is the Lease?